La Alameda Shopping Center
$42,000,000 Retail Loan from Life Insurance Company
City: Walnut Park, CA
Loan amount: $42,000,000
Lender type: Life Insurance Company
Property type: Retail
Size: 245,000 SF
PSRS originated a non-recourse loan to take out construction financing on a newly built shopping center in Walnut Park, CA. The property was built in concert with a redevelopment agency in an area that was underserved by traditional national retailers and had just reached stabilization. PSRS was able to overcome a complicated capital stack and far below average income demographics by demonstrating the collective buying power of a location with this kind of density and the past success of the borrowers with similar projects.