April 8, 2019
Shopoff Realty Investments, Inc. secured $25 million in financing for the Westkin Portfolio, an 810-acre collection of sub-ground leases with more than 2,000 individual condominiums and businesses in Cathedral City, CA. The portfolio includes subleases for several income-producing companies such as the Desert Princess Country Club, a DoubleTree hotel, the Welk Resort, the Cathedral Canyon Country Club, and an Extra Space self-storage property.
Walker & Dunlop, Inc.’s Mark Strauss and Rob Quarton structured the 20-year, self-amortizing loan on behalf of the property owner. The financing replaces a short-term acquisition bridge loan and facilitates the owner’s business plan, which includes modernizing operations to reduce expenses.
Shopoff Realty Investments, Inc.’s William Shopoff says, “the project has a 40-year history of an uninterrupted stream of payments, as well as appropriate financial incentives to potentially continue for the next 40 years or more.”
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