Developer Gets $65M in Refinancing for San Diego Retail CenterFriday, January 29, 2016
San Diego-based developer Coast Income Properties has obtained $65 million in refinancing for its Village at Pacific Highlands Ranch retail center near Carmel Valley, according to brokerage company CBRE Group Inc., which arranged the loan.
Brokers said in a statement that an 11-year, fixed-rate loan was obtained with an undisclosed life insurance company, to replace an existing construction loan. The refinancing was handled by CBRE’s Bill Chiles, Scott Peterson and Brian Cruz.
Completed in 2015, The Village at Pacific Highlands Ranch spans more than 147,000 square feet of retail space in the master-planned Pacific Highlands Ranch community. It is located near the intersection of Del Mar Heights Road and Carmel Valley Road.
The center has several store, restaurant and other commercial tenants in operation, including Trader Joe’s, Starbucks, Panera Bread, Crunch Fitness, Wells Fargo Bank and Urban Girl.