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Weintraub-Sperber Lands $20M Construction Loan

MALIBU, CA-The loan provides up to 90% of the cost to develop a small shopping center here, on the site of a former lumber yard along the Pacific Coast Highway.

By Brian K. Miller | Updated on July 09, 2008

MALIBU, CA-Los Angeles based developers Richard Weintraub and Richard Sperber have landed a $20-million construction loan for the development of Malibu Lumber Shopping Center, a 30,000-sf project fronting the Pacific Coast Highway at Cross Creek Road, putting it in close proximity to both Pepperdine University and Malibu Colony, one of Los Angeles’ most exclusive residential communities.

Malibu Lumber Shopping Center is subject to a long term unsubordinated ground lease from the city of Malibu. It is being developed at a total project cost of nearly $700 per leasehold foot. The property will cater to both national and local tenants including J. Crew, Tory Burch and Theory.

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