Sudberry Refinances Retail Center for $55M

CHULA VISTA, CA-Sudberry Properties has refinanced its 156,552-sf Village Walk at EastLake community center with a $55-million loan from GE Real Estate. The San Diego-based development firm, which constructed the open-air community center in 2006 and 2007, now has a three-year, fixed-rate loan in its first transaction with GE Real Estate.

According to Colton Sudberry, senior vice president of Sudberry Properties, the new financing “resolved some tenant liquidity issues” and also provides Sudberry with longer-term financing “that will enable us to realize better returns when the financial markets stabilize.” Sudberry notes that the deal went through, “despite all the negative news in retail and the credit crunch.”

The open-air center is 92% occupied, with a tenant roster including Henry’s Marketplace, Borders Bookstore, Petco, Pier 1 Imports and Trader Joes.