The property at 72675 California Highway 111 in Palm Desert, spanning 8.2 acres with a retail space of 80,072 square feet, has undergone a redevelopment financed by a $16.2 million bridge loan. The loan, arranged by Tim Winton of Keystone Mortgage Corporation, offers high leverage, non-recourse terms, fixed rates, and prepayment flexibility. Tenants at the retail center include Grocery Outlet and Ross Dress for Less, and the borrower, a private real estate investor, can make property upgrades with interest-only payments over a 36-month period.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $16,200,000
• Market: Palm Desert
• BROKER: Tim Winton - Keystone Mortgage Corporation
• Loan Type: Bridge Loan
• Loan Terms: 36-month, high-leverage, non-recourse loan

The $16.2 million bridge loan for the redevelopment project in Palm Desert was facilitated by Keystone Mortgage Corp., with Tim Winton representing the deal. The borrower, a private real estate investor, is set to benefit from the high leverage, non-recourse terms, and prepayment flexibility offered by the loan, enabling them to enhance the retail center with interest-only payments over the next 36 months.