Lender Shows Its Love for Retail

SIMI VALLEY, CA—Tremont Realty Capital has provided a $65.6 million bridge loan through one of its separately managed accounts to recapitalize the Simi Valley Town Center, a 348-061-square-foot shopping center in Simi Valley, CA. The lender closed the loan in only one week to meet the borrowers needs, and cited the strong retail market in Simi Valley as the impetus to fund the loan and close quickly.

A joint venture between developer Alberta Development Partners and a real estate investment fund owns the property and secured the loan. The bridge loan has a three-year interest only term, with an initial $30,000,000 in funding and future capital commitments of $35,600,000 for renovations and tenant improvements, as well as other soft costs.