SAN DIEGO—CBRE Capital Markets' Debt & Structured Finance team has arranged a $65 million loan for the refinance of The Village at Pacific Highlands Ranch on behalf of Coast Income Properties.
Bill Chiles, Scott Peterson and Brian Cruz of the firm's San Diego office secured the aggressively priced 11-year, fixed-rate loan to take out the existing construction loan.
"Given the exceptional location and initial lease-up of the property, we were able to structure a permanent loan with a life company before the property was fully stabilized. This enabled the borrower to fix the interest rate and terms for what will be a long term hold for the partnership," said Peterson.
Completed in 2015, The Village at Pacific Highlands Ranch is a class A+, 147,716-square foot, high-quality retail project located in the master-planned Pacific Highlands Ranch community. This highly-desirable community is part of a greater mixed-use property that will feature premier retail, a community library, a regional park and multi-family units. The intersection and entrance to the center, located at Del Mar Heights Road and Carmel Valley Road, will be the hub of the community once the residential component is completed.
"Coast Income Properties has created a special project in the heart of San Diego," said Chiles. "We were excited to be a part of it."
CBRE's Reg Kobzi and Carrie Bobb lease the retail center, and CBRE also manages the property.
The Village at Pacific Highlands Ranch has a strong tenant base with national tenants including Trader Joe's, Starbucks, Panera Bread, Crunch Fitness, and Wells Fargo. The center also boasts local favorites such as Baked Bear, Mabel's, Vitality Tap, Urban Girl, Overload and TRE, and will include a new restaurant concept from Pascal Lorange—former executive chef of Fig & Olive—called Crudo.
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