A joint venture of DRA Advisors and Paragon Commercial Group has refinanced its Rancho Las Palmas Shopping Center in Rancho Mirage, CA, with a $30-million loan from New York’s CIT Bank.
The property is a recently re-developed, 163,500-square-foot retail center conveniently located at the intersection of Bob Hope Drive and Highway 111 in the affluent Coachella Valley. Currently, 85% leased, the Property features a strong roster of tenants, including CVS, Stein Mart, Hobby Lobby and Wells Fargo.
A Newmark Knight Frank team of Dustin Stolly, Jordan Roeschlaub and David Milestone arranged the five-year, floating rate loan.
According to NKF’s Stolly, “Having recently undergone a transformative renovation and given the diverse tenant profile currently in-place, the Property provides a destination shopping experience which is expected to continue to attract long-term, strong tenants.”
“With an acute knowledge and understanding of the asset and having ownership interest in more than 53 million square feet of retail properties throughout the country, DRA Advisors will continue to operate the Property and execute its business plan” added NKF’s Roeschlaub.
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