April 22, 2016
CBRE Capital Markets’ debt and structured finance team arranged a $43-million loan to refinance Bressi Ranch Village Center in Carlsbad, CA. Cornerstone Real Estate Advisors, LLC owns the 116,403-square-foot property that is 97% leased.
Completed in 2010, Bressi Ranch Village Center is a Class A, grocery-anchored retail center. The distinctive pedestrian-friendly environment features 30 shops, services, restaurants and eateries, and is anchored by Stater Bros. and Trader Joe’s.
CBRE’s Michael Riccio and Mark McGovern secured the aggressively priced, long-term, fixed rate loan on behalf of the owner. Riccio says a new lending source was brought in, and the loan will allow the owner the ability to “execute its business plan” and “optimize returns.”