Al Baldwin Of Baldwin & Sons Secures $66M Refinance Loan From PGIM For Retail Center In San Diego

The asset involved in this transaction is a grocery-anchored retail center located at 3804-3890 & 3775-3881 Valley Centre Drive in San Diego. The property is part of the retail sector and is currently owned by Baldwin & Sons, who developed it in the early 1990s. The deal involves a loan amount of $66,000,000 arranged for refinancing purposes.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $66,000,000
• Lender: PGIM
• Landlord: Al Baldwin - Baldwin & Sons
• Brokers: Greg Richardson & Sean Skelton - Walker & Dunlop
• Loan Type: Refinance
• Loan Terms: fixed-rate, interest-only

Walker & Dunlop facilitated the transaction, providing a fixed-rate, interest-only loan from PGIM Real Estate to refinance the property. The refinancing of Piazza Carmel ensures the retirement of an existing CMBS loan, demonstrating a strategic financial move by long-time owner Baldwin & Sons.