Continental Partners Provides $13.5M Refinance Loan For Mixed-Use Property In Palm Springs
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This Mixed-use property located in CA received a loan of $13,500,000 over 2 years ago. The broker of the deal was JM Grimaldi
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- Location601-789 East Tahquitz Canyon Way, Palm Springs, CA, USA
- Loan Value$13,500,000
- Asset TypeMixed-use
- Parties1 Broker, 1 Agency, 1 Lender
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Deal Summary
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: [email protected]
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601-789 East Tahquitz Canyon Way
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