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PALM DESERT, CALIF. — Keystone Mortgage Corp. has arranged a $16.2 million bridge loan to fund the repositioning of retail center in the Coachella Valley city of Palm Desert.
Situated on 8.2 acres, the 80,072-square-foot retail property is 97 percent occupied by 14 tenants, including Grocery Outlet and Ross Dress for Less.
Tim Winton of Keystone secured the financing on behalf of the borrower, a private real estate investor. One of Keystone’s correspondent life company lenders provided the 36-month, high-leverage, non-recourse loan.
The loan will allow the borrower to complete the remainder of property upgrades while providing maximum leverage, interest-only payments, fixed rate and prepayment flexibility, according to Winton.