Continental Partners Secures Competitive Financing for Acquisition of 102,782-SF Retail Asset in Reno, NV

J.M. Grimaldi

 RENO, NV – Commercial real estate investment banking firm Continental Partners has successfully secured a loan for the acquisition of the 102,782 square-foot Mira Loma Shopping Center in Reno, Nevada on behalf of its Sponsor, a Los Angeles-based private investor.

            The $11.3 million loan is priced at 220 basis points over the 10-year swap rate at 69-percent loan-to-cost. It is structured at ten years fixed interest, with four-year interest only payments on a 30-year amortization option.

            The shopping center, which was at has a 92-percent occupancy at the time of acquisition, is located at 3310 South McCarran Boulevard in Reno, Nevada.

 The financing for the transaction was arranged by J.M. Grimaldi, Executive Vice President at Continental Partners.

Mira Loma Shopping Center, Reno, NV

“Lenders continue to take a conservative position when approaching commercial loans, and this is especially true of distressed retail assets, which tend to be viewed as higher risk,” says Grimaldi. 

“To secure competitive financing for this property, we demonstrated to potential lenders the strong fundamentals presented by the shopping center, despite neglect from previous ownership, and how the asset would benefit from the Sponsor’s plans to establish a hands-on landlord approach.”

The Mira Loma Shopping Center is anchored by CVS Pharmacy and local grocer Scolari’s Grocery. The Sponsor plans implement light value-add renovations to the center, as well as remediate environmental contamination issues remaining due to a former tenant. 

 For more information, please contact:

 Lindsay Mackay / Elisabeth Manville

Brower Group

(949) 955-7940