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$63M Refinances Rohnert Park Mixed-Use, Enabling Residential Construction
Schelin Uldricks & Co. arranged a $63,000,000 loan to refinance SOMO Village, a 593,645-square-foot mixed-use project in Rohnert Park. The new financing enabled the property owners to recapitalize and access some of the equity in the project to fund the construction of residential development on unencumbered land adjacent to the site.
“We marketed this financing opportunity across a wide spectrum of lenders including regional banks, CMBS lenders, life companies and money center banks,” said Ethan Schelin, managing partner at Schelin Uldricks. “We went through a three-round bidding process before selecting a national lender,
“The capital markets have been unsettled with the recent rise in interest rates and with the aftermath of recent bank failures,” he continued. “However, we were successfully able to close the transaction and now our client has additional liquidity to complete other important projects that will increase the supply of housing in an under-supplied market.”
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- ◦Financing
