Gateway Village Plaza
$17,500,000 Refinance of a Retail Plaza in San Clemente, CA.
Michael Thorp and Ryan Frankman of PSRS arranged the $17.5M refinance of an anchored retail plaza in San Clemente, California. The subject property, Gateway Village Plaza, is composed of three buildings totaling 72K square feet and 310 parking spaces. Built in 1993, this multi-tenant retail plaza includes Albertson’s and Union Bank as its largest tenants. Financed with one of our correspondent life insurance companies, PSRS was able to secure for its borrower a 65% LTV, non-recourse loan with a 10-year term and a 30-year amortization. The loan will carry two years of interest only and additional funding provisions during the term of the loan.