Coast Income Properties has secured a $65 million loan to refinance The Village at Pacific Highlands Ranch, a retail center in San Diego, California.
The 11-year, fixed-rate loan takes out an existing construction loan, according to CBRE Capital Markets’ Debt & Structured Finance, which arranged the loan.
“We were able to structure a permanent loan with a life company before the property was fully stabilized… [enabling] the borrower to fix the interest rate and terms for what will be a long term hold for the partnership,” according to a statement from CBRE.
The broker and borrower declined to comment or reveal the identity of the lender.
Completed in 2015, the 147,700 sq ft retail complex at 13490 Pacific Highlands Ranch Parkway is part of the master-planned Pacific Highlands Ranch community of San Diego, part of a greater mixed-use property that will feature premier retail, a community library, a regional park and multi-family units.
National tenants include Trader Joe’s, Starbucks, Panera Bread, Crunch Fitness, and Wells Fargo. Local retailers include Baked Bear, Mabel’s, Vitality Tap, Urban Girl, Overload and TRE, and will include a new restaurant concept from Pascal Lorange.
CBRE’s Reg Kobzi and Carrie Bobb lease the retail center and CBRE manages the property. Bill Chiles, Scott Peterson and Brian Cruz arranged the loan.