The property asset involved in this transaction is a single-story, multi-tenant retail center located at 1555 Simi Town Center Way in Simi Valley. It encompasses a total of 450,000 square feet of net rentable area. The center is being sold primarily due to existing big-box vacancies, with the intent of being upgraded to lifestyle retail by the new buyers.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $22,800,000
• Lender: Jessica Carter - Archway Capital
• Loan Type: Acquisition
• Loan Terms: Non-recourse with a 24-month term; no interest reserve or yield maintenance requirements
• Closing Timeline: Closed within 30 days of origination
• Market: Simi Valley
• Key Individuals: The buyers comprise a group of institutional retail experts keen on repositioning the asset.

Jessica Carter from Archway Capital provided the acquisition loan tailored to cover the quick closing timeline, co-tenancy provisions, and the significant rehabilitation required for the property. The overall plan involves addressing both the numerous month-to-month tenants and the notable big-box vacancies, driven by the expertise of the sponsors in repositioning retail assets.