MetroGroup Secures $11M Bridge Loan for OC Retail Center
Newport Beach, CA-based commercial mortgage banking firm MetroGroup Realty Finance has secured a $10.6 million bridge loan for a Trader Joe’s-anchored retail center in Aliso Viejo, CA. According to MetroGroup Vice President J.D. Blashaw, the 36-month, interest-only financing replaces a maturing CMBS loan and supports upgrades to the center.
“The borrower has a well-positioned retail asset this is undergoing a period of transition. We were able to secure financing that allows the sponsors to take out the maturing debt and provides capital for tenant improvements, leasing commissions and modernization,” said Blashaw.
The retail center has secured two leases that are aligned with the borrower’s business plan of repositioning and diversifying the location. Eureka!, a regional restaurant group with modern craft food replaces Panera and Lupe’s, a local restaurant brand with fresh Mexican fare, is replacing Smashburger. Blashaw adds that many retail centers with a tenant mix that serves local demographics are poised for success as the market recovers.