DRA Advisors & Paragon Commercial Group Secure $30M Loan For Rancho Mirage Retail Property

In a closed property transaction, a retail asset located at 42-540 Bob Hope Drive in Rancho Mirage has been involved. The property boasts a total area of 163,500 square feet and is situated in the Rancho Mirage market. The deal was finalized on 02/25/2020.

Summary of transation details

• Property Type: Retail
• Transaction Amount: $30,000,000
• Lender: CIT Bank
• Landlord: DRA Advisors & Paragon Commercial Group
• Brokers: David Milestone, Dustin Stolly & Jordan Roeschlaub - Newmark Knight Frank

The loan associated with this transaction amounted to $30,000,000 and features a loan term of 5 years. The property, located at 42-540 Bob Hope Drive, is a retail asset in Rancho Mirage. The deal's brokers were David Milestone, Dustin Stolly, and Jordan Roeschlaub from Newmark Knight Frank. The lenders in this transaction were CIT Bank, while the property's landlords were DRA Advisors and Paragon Commercial Group.