Continental Funding Arranges $9.4M Acquisition Loan for Shopping Center in California

by Nellie Day

PALMDALE, CALIF. — Continental Funding Group has arranged $9.4 million in acquisition financing for the purchase of 10 West Plaza, an unanchored shopping center in Palmdale.

The 10-year, fixed-rate non-recourse loan, which was 75 percent of the purchase price, was provided by a conduit lender and includes two years of interest-only payments. Built in 2008, the 54,988-square-foot property was fully occupied at the time of sale.

J.M. Grimaldi and Zalmi Klyne of Continental Funding Group represented the undisclosed borrower in the financing transaction.

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