TWO PALM SPRINGS RETAIL CENTERS RECEIVE CASH-OUT REFI

PALM SPRINGS, CALIF. — Lucent Capital has arranged $11.5 million in first-mortgage debt cross-collateralized by two Class A retail centers in Palm Springs. Both centers are owned by Wessman Development. They include the 42,434-square-foot Plaza Mercado and the 34,010-square-foot Plaza las Flores. The loan features a 10-year term and a 5.35 percent fixed interest rate.