On behalf of a joint venture between DRA Advisors and Paragon Commercial Group, Newmark Knight Frank has arranged a $30 million floating-rate loan for the refinance of Rancho Las Palmas Shopping Center in Rancho Mirage, California.
The Newmark Knight Frank team was led by Vice Chairmen and Co-Heads of Debt & Structured Finance Dustin Stolly and Jordan Roeschlaub along with Vice Chairman David Milestone. CIT Bank provided the five-year loan.
The property is a recently re-developed, 163,500 s/f retail center located at the intersection of Bob Hope Drive and Highway 111 in the Coachella Valley.
Currently, 85 percent leased, the property features a roster of tenants including CVS, Stein Mart, Hobby Lobby and Wells Fargo.