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June 17, 2024
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Commercial Real Estate Financing Briefs

5/28/24

Fiesta Plaza, North Las Vegas
Fiesta Plaza, North Las Vegas
CBRE CAPITAL MARKETS - Mark McGovern, Brian Cruz, Morgon Fraser and Colby Matzke with CBRE Capital Markets' Debt and Structured Finance team secured a $22.65 mil refi loan on Fiesta Plaza, a 187.3k sf, grocery-anchored retail center in North Las Vegas. The center is located at the Northwest corner of Lake Mead Ave and Civic Center Dr, approximately seven miles from the Las Vegas Strip and eight miles from Harry Reid International Airport. The property was substantially renovated in 2016 and is currently undergoing additional renovations. The five-year, fixed-rate loan was funded through a life insurance company on behalf of Agora Realty & Management.

GANTRY – James Ruiz with Gantry arranged a $17 mil permanent loan to refinance Magnolia Towne Center, a 133k sf, grocery-anchored retail center in Riverside. The property consists of 10 buildings located at 6033-6189 Magnolia Ave. The neighborhood center features a Ralph’s grocery store, Wells Fargo Bank, Restaurant, and professional services tenants. Ownership is currently in the process of leasing 27k sf at the center. The well-managed property was facing a pending CMBS maturity while in the process of backfilling some space at the otherwise stabilized property. The new 10-year, fixed rate, loan was provided by a life company and features 30-year amortization and prepayment flexibility.

JLL CAPITAL MARKETS - Erik Hanson and Ethan Habecker with JLL Capital Markets arranged $15.645 mil in financing on behalf of Cobalt Investment Partners for 2630 8th St in Berkeley, CA. The project plan is to redevelop the vacant building into high-end R&D/Advanced Manufacturing space which is in short supply in this market. The property is centrally located in West Berkeley’s industrial district, which is conveniently positioned off I-80/I-580. Over the last few years, Berkeley has become a regional leader in high tech manufacturing, commanding the highest rents and attracting the best tenants in all of the East Bay. The property benefits from well-developed transportation networks in the area, including highways, ports and airports, which facilitate the movement of goods and materials. The loan was funded through Berkeley Partners.




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