Continental Partners Provides $13.5M Refinance Loan For Mixed-Use Property In Palm Springs

The property involved in this closed transaction is a mixed-use asset located at 601-789 East Tahquitz Canyon Way in Palm Springs. It has a total square footage of 146,110. The loan for this property was provided by Continental Partners as a refinancing option, with a loan amount of $13,500,000. The terms of the loan are non-recourse, offering favorable conditions for the borrower. The landlord for this property is Tahquitz Canyon Investors, represented by Samuel Rasmussen. JM Grimaldi, from Continental Partners, acted as the broker for this transaction.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $13,500,000
• Address: 601-789 East Tahquitz Canyon Way
• Market: Palm Springs
• Square Footage: 146,110
• Lender: Continental Partners
• Landlord: Tahquitz Canyon Investors - Samuel Rasmussen
• Broker: JM Grimaldi

It's worth noting that the subject property is anchored by Regal Cinemas and is also home to the Palm Springs International Film Festival. Furthermore, the property features a ground lease to Pacific Western Bank. The loan proceeds were structured at 65% of the property's value and were used to pay off two existing loans, one from a private debt fund and the other from a bank. At the time of funding, the property had an occupancy rate of 80% with all tenants fulfilling their rent obligations. In addition to paying off the previous loans, the loan structure included additional proceeds for capital and tenant improvements. For further information, interested parties can contact JM Grimaldi directly at [email protected].