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WALNUT CREEK, CALIF. — Mesa West Capital has originated a $35.7 million first mortgage loan for the refinancing and repositioning of Rossmoor Shopping Center in Walnut Creek. A joint venture between Citivest Commercial and Tallen Capital Partners was the borrower.
The borrower acquired the property in 2012 and is implementing a city-approved redevelopment plan for the 108,000-square-foot property. In addition to upgrading the exterior façade, expanding the inline space and adding new retail pads, the plan also includes adding an additional 27,000 square feet of net rentable area to the existing property.
Steve Fried and Seth Hall of Mesa West Capital originated the five-year, non-recourse, floating-rate loan for the borrower.