Long Beach, CA
February 12, 2022
Institutional Debt Fund 3650 REIT Provides Seven-Year Fixed-Rate Loan at Attractive Terms Reflecting Quality Sponsorship and Strong Performance of Well-Positioned Retail Asset
Marina Pacifica Shopping Center Serves Coastal Communities at Border of Los Angeles/Orange Counties; Institutional Debt Fund 3650 REIT Provides Seven-Year Fixed-Rate Loan at Attractive Terms Reflecting Quality Sponsorship and Strong Performance of Well-Positioned Retail Asset
Long Beach, Calif. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $33.33 million to refinance the Marina Pacifica Shopping Center, located on Pacific Coast Highway (PCH) at the coastal border of Los Angeles and Orange Counties. The 20-acre property encompasses 296,958 rentable square feet of space in nine buildings. Anchor tenants include Ralphs Supermarket, Nordstrom Rack, Barnes & Noble, AMC Theaters, LA Fitness and Howards Appliances. Nearby communities include Long Beach’s Belmont Shores and Naples neighborhoods in Los Angeles County, and Seal Beach in Orange County. The Subject property is subject to a leasehold which includes contractual lease term extensions.
Gantry’s George Mitsanas, Principal, Peter Hillakas, Senior Director, and Austin Ridge, Associate, with the firm’s Los Angeles production office represented the borrower, a private investor, in the transaction. A trusted Wall Street capital source funded the seven-year loan featuring a fixed interest rate, with future term extensions allowable with lender approval at maturity. This is the 4th time since the mid 1990s George Mitsanas has financed this retail center.
According to Gantry’s George Mitsanas, “In a post COVID reality, not all retail is equal in terms of both performance and long-term fundamentals. Consumers have continued to prioritize shopping at local venues that feature desirable tenants that are easy to access. Marina Pacifica’s strategic blend of essential services and destination retailers at a high profile PCH location surrounded by an affluent coastal consumer demographic has supported continued strong performance during the disruptions of the past two years. Having worked with 144 unique funding sources in 2021, Gantry works with its clients to identify the best financing structure and provider available to meet their specific investment goals. For the owners of Marina Pacifica, their legacy hold strategy was best served by the loan provided by 3650 REIT. This seasoned institutional lender recognized and validated the superior qualities of the property’s sponsorship, tenant performance, and location fundamentals, as reflected in their underwriting.”