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California  + San Diego  + Retail  | 

Walker & Dunlop Arranges $66M Refi of Carmel Valley Retail

Walker & Dunlop has arranged a $66-million loan to refinance Piazza Carmela grocery-anchored retail center in San Diego. The W&D Irvine Capital Markets team led by Gregory Richardson and Sean Skelton arranged the fixed-rate, interest-only loan on behalf of Baldwin & Sons. PGIM Real Estate provided the capital to retire the existing CMBS loan.

Located in the upscale Carmel Valley neighborhood at 3804-3890 & 3775-3881 Valley Centre Dr., Piazza Carmel was developed by Baldwin & Sons in the early 1990s. The company has owned and managed the property ever since. The center features destinations for shopping, dining and community connection, according to Walker & Dunlop.

“Piazza Carmel Shopping Center is a dynamic destination for shopping, dining, and community connection in the heart of San Diego,” said Richardson. “We’re grateful for the opportunity to collaborate once again with the experienced team at Baldwin & Sons, and proud to have arranged another successful refinancing for a property that reflects the energy and lifestyle of San Diego.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
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