130,000 SF Retail Development
A $18 million construction loan for the development of a 130,000-sf neighborhood shopping center anchored by Vons and Rite Aid. The financing represented 90% of total project costs, plus a $20 million 24-month forward commitment for permanent financing. The financing was arranged through a pension fund that provided flexibility on structuring issues (e.g. no yield maintenance in the event the borrower did not take down the entire $20 million permanent loan).