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2/20/24
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A 99k sf, grocery anchored retail property within the Citrus Landing retail center in Riverside was refinanced with a new permanent loan for $12.8 mil. The property, located at 7200 Arlington Ave, is anchored by Stater Bros, AutoZone, and Ross.
The master-planned center also includes six retail pads on separate legal parcels that feature a mix of national fast food tenants, a local credit union, and a car wash.
Gantry’s Braden Turnbull, George Mitsanas and Austin Ridge arranged the financing on behalf of the borrower, a private real estate entity. The five-year loan was provided by a life company lender. It features an attractive fixed-rate, interest-only payments and pre-payment flexibility in years four and five.
According to Ridge, “The sponsor of the center’s recent redevelopment had reached a point in its original investment proforma that prompted an equity partner’s desire for redemption and returns. The fully stabilized center now features a mix of top-tier national and regional retailers driving traffic to what is a high-performing center.”
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