Craig Realty Secures $140M Refinancing For Outlets At San Clemente With Pacific Life Insurance And MetLife

Craig Realty has secured $140 million in refinancing for the Outlets at San Clemente in Orange County. The 500,000-square-foot retail property, located at 101 Avenida Vista Hermosa, will undergo redevelopment with the funds. The loan consists of a $105 million fixed-rate senior loan from Pacific Life Insurance Company and a $35 million mezzanine loan from MetLife. This refinancing replaces a previous loan from Wells Fargo.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $140,000,000
• Lender: Pacific Life Insurance Company & MetLife
• Landlord: Steve Craig - Craig Realty
• Loan Type: Refinance
• Loan Terms: fixed-rate

Steve Craig from Craig Realty represented the landlord in this refinancing deal, while the lenders, Pacific Life Insurance Company and MetLife, provided the financing.