WALNUT CREEK, CA-Doerken Properties Inc. has refinanced the Citrus Marketplace retail center here, according to principal and managing director, Gary Mozer of commercial real estate banking firm, George Smith Partners, which arranged the $19.7-million loan. Mozer was assisted by senior vice president, Steve Orchard; senior vice president, Josh Roseman and vice president, Michelle Lee.
Citrus Marketplace is a 101,000-square-foot grocery-anchored, retail center. The center’s tenants include Nob Hill Foods, BevMo!, Bank of America, the US Post Office, Panda Express and Carl’s Jr.
“This property is well-located in the affluent Walnut Creek community, is anchored by a strong regional grocer, and has enjoyed historic occupancy over 96%, making it an ideal candidate for debt financing through the emergent CMBS market,” says Mozer. “Regardless, we had to work hard to defend our financing proposal.”
He points out that “the structure included a significant cash-out for the borrower, and recent sales for the grocer were flat. GSP and Doerken reassured the lender with in-depth market research, detailed analysis of the anchor’s year-over-year sales, strong performance history for the overall property through the recent market downturn, and Doerken’s operating expertise.”
The 10-year CMBS loan closed with a 5.69% rate, 30-year amortization, 70% loan-to-value and a sub-10% debt yield. Prepayment was based on yield maintenance at no additional cost. In addition, the loan was structured with minimal reserves.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
