601-789 East Tahquitz Canyon Way

  • $13500000
601-789 East Tahquitz Canyon Way, Palm Springs, CA, USA
Closed Deal Loan

601-789 East Tahquitz Canyon Way

601-789 East Tahquitz Canyon Way, Palm Springs, CA, USA
  • $13500000

Building Info

  • Units:
  • Property Type: Mixed Use
  • Square Feet: 146110

Location

  • Address 601-789 East Tahquitz Canyon Way, Palm Springs, CA, USA
  • City Los Angeles
  • State/county California
  • Zip/Postal Code 92262
  • Area Downtown Palm Springs
  • Country United States

Description

LOAN
IMAGE: Jessica Lyons & JM Grimaldi
DATE: 09/07/2021
ADDRESS: 601-789 East Tahquitz Canyon Way
MARKET: Palm Springs
ASSET TYPE: Mixed-use ~ SF: 146,110

LENDER: Continental Partners (@ContiPartners)
LANDLORD: Tahquitz Canyon Investors – Samuel Rasmussen
BROKER: JM Grimaldi (@Watchtog)

LOAN AMOUNT: $13,500,000
LOAN TYPE: Refinance
LOAN TERMS: non-recourse

NOTES: Anchored by Regal Cinemas, the subject property is home to the Palm Springs International Film Festival & also features a ground lease to Pacific Western Bank. Loan proceeds were structured at 65% of value & used to pay off two loans – one from a private debt fund & the other from a bank. Occupancy was at 80% at the time of funding with all tenants paying rent. Additional loan proceeds above the payoffs were structured for capital & tenant improvements.
Contact J.M. directly for further info: jm@contipartners.com

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