Torrance-based La Caze will use the capital to wrap up a value-added play at its Escondido shopping center, according to Nicholas Colonna, founding partner of Pacific Coast Capital Partners LLC. Through its affiliate Redwood Capital Finance Co., PCCP provided the financing to the La Caze entity, Escondido Ventures 99 LLC.
Escondido Village wasn't completely at the point of exit strategy when La Caze sought the financing, but the owner needed the capital to finish the value-added scenario, Colonna tells GlobeSt.com. "We were able to understand the risks and the rewards involved, and they were able to garner the value," he adds.
The transaction was closed within a two-week timeframe, a deadline that PCCP was able to meet due to the local nature of the firm. "Our underwriting and due diligence teams are locally based, and the funding is done in our own shop," Colonna notes. "Therefore, we are generally able to react to a borrower's need for accelerated closings."
Located at 1201-1351 E. Valley Parkway, Escondido Village is one of La Caze's long-term investments, as the company has owned the property for more than 15 years. Currently 92% leased, the shopping center is occupied by tenants such as Ralphs, Blockbuster, Big 5 Sporting Goods, RadioShack, Anchor Blue and the Escondido Unified School District.
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