- Rate: Floating over LIBOR for Senior: Fixed for Mezz
- Term: 3 Years + Extensions
- Amort: Interest Only
- Recourse: Completion Guarantee only.Preleasing: 30% for Senior, None for Mezz.
Transaction Description: GSP successfully placed a two-tranched combined loan of $93,500,000; consisting of a $56,500,000 Senior Loan and a $37,000,000 Mezz loan from two lenders, for the development of a 191,000 square foot retail center in Huntington Beach, California. Set to open in summer 2015, the project will be a unique retail center, situated on a spectacular site overlooking the iconic Huntington Beach Pier and Pacific Ocean. Pacific City’s architecture features a 2-story open design providing virtually all of the tenant spaces with ocean views. Tenancy will include a mix of national retailers representing iconic California lifestyle brands, several name restaurants, and an Equinox fitness center. The center will also include a marketplace called Lot 579 featuring a mix of distinctive local and regional food artisans in a farmer’s market style setting, similar to the Ferry Building in San Francisco or the Chelsea Market in New York. The retail center will provide a perfect showcase for the retail tenants looking beyond the “mall mentality”. Because of the borrower’s strong experience with development and leasing and the property’s superior location, these lenders structured the financing as a non-recourse loan with minimal preleasing required.
- No related financings.