San Diego, January 27, 2016 – CBRE Capital Markets’ Debt & Structured Finance team has arranged a $65 million loan for the refinance of The Village at Pacific Highlands Ranch on behalf of Coast Income Properties.
Bill Chiles, Scott Peterson and Brian Cruz of CBRE’s San Diego office secured the aggressively priced 11-year, fixed-rate loan to take out the existing construction loan.
“Given the exceptional location and initial lease-up of the property, we were able to structure a permanent loan with a life company before the property was fully stabilized. This enabled the borrower to fix the interest rate and terms for what will be a long term hold for the partnership,” said Peterson.
Completed in 2015, The Village at Pacific Highlands Ranch is a Class A+, 147,716-square foot, high-quality retail project located in the master-planned Pacific Highlands Ranch community of San Diego. This highly-desirable community is part of a greater mixed-use property that will feature premier retail, a community library, a regional park and multi-family units. The intersection and entrance to the center, located at Del Mar Heights Road and Carmel Valley Road, will be the hub of the community once the residential component is completed.
“Coast Income Properties has created a special project in the heart of San Diego,” said Chiles. “We were excited to be a part of it!”
CBRE’s Reg Kobzi and Carrie Bobb lease the retail center, and CBRE also manages the property.
The Village at Pacific Highlands Ranch has a strong tenant base with national tenants including Trader Joe’s, Starbucks, Panera Bread, Crunch Fitness, and Wells Fargo. The center also boasts local favorites such as Baked Bear, Mabel’s, Vitality Tap, Urban Girl, Overload and TRE, and will include a new restaurant concept from Pascal Lorange—former executive chef of Fig & Olive—called Crudo. For more information about the retail center, visit www.phrvillage.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our we
