{"id":1004217222,"date":"2018-04-05T09:54:06","date_gmt":"2018-04-05T17:54:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004217222"},"modified":"2022-12-08T14:49:44","modified_gmt":"2022-12-08T22:49:44","slug":"continental-partners-secures-financing-for-nv-retail-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/continental-partners-secures-financing-for-nv-retail-center\/","title":{"rendered":"Continental Partners Secures Financing for NV Retail Center"},"content":{"rendered":"<p>By Evelyn Jozsa<\/p>\n<div id=\"attachment_1004217225\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/J.M.-Grimaldi800x620.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004217225\" data-attachment-id=\"1004217225\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/continental-partners-secures-financing-for-nv-retail-center\/j-m-grimaldi800x620\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/J.M.-Grimaldi800x620.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;13&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;NIKON D810&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1429199937&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;62&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0.005&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"J.M. Grimaldi, EVP, Continental Partners\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;J.M. Grimaldi, EVP, Continental Partners&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/J.M.-Grimaldi800x620.jpg?w=800\" class=\"wp-image-1004217225 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/J.M.-Grimaldi800x620.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/J.M.-Grimaldi800x620.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/J.M.-Grimaldi800x620.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/J.M.-Grimaldi800x620.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004217225\" class=\"wp-caption-text\">J.M. Grimaldi, EVP, Continental Partners<\/p><\/div>\n<p>Continental Partners has secured $11.3 in financing for the acquisition of Mira Loma Shopping Center, a 102,782-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/423-ksf-nv-industrial-center-changes-hands\/\">commercial space in Reno<\/a>, Nev. The loan is priced at 220 basis point over the 10-year swap rate at 69 percent loan-to-cost.\u00a0 It is structured at 10-year fixed interest, with four-year interest-only payments on a 30-year amortization option. The firm secured the financing on behalf of a Los Angeles-based private investor.<\/p>\n<p>Mira Loma Shopping Center is situated at 3310 S. McCarran Blvd. and provides access to interstates 80 and 580. The retail center was 92 percent occupied at the time of the sale, with anchor tenants including CVS Pharmacy and Scolari\u2019s Grocery, a local grocer. The buyer plans to renovate the property and to remediate environmental contamination issues.<\/p>\n<p><em>\u201cLenders 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,\u201d<\/em> said J.M. Grimaldi, executive vice president at Continental Partners, in prepared remarks. <em>\u201cTo 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\u2019s plans to establish a hands-on landlord approach.\u201d<\/em><\/p>\n<p><em>Image courtesy of Continental Partners<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Los Angeles-based private investor received the loan for the acquisition of a 102,782-square-foot commercial space located in Reno. <\/p>\n","protected":false},"author":871,"featured_media":1004217225,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21783,21742,21749,15],"tags":[34392],"class_list":["post-1004217222","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-investment","category-latest","category-retail","category-west","tag-continental-partners"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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