{"id":1004514628,"date":"2021-03-05T05:10:30","date_gmt":"2021-03-05T13:10:30","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004514628"},"modified":"2024-03-12T01:44:09","modified_gmt":"2024-03-12T09:44:09","slug":"cross-creek-ranch-malibu-lands-130m-loan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cross-creek-ranch-malibu-lands-130m-loan\/","title":{"rendered":"Malibu Mixed-Use Secures $130M Loan"},"content":{"rendered":"
\"\"<\/a>

Cross Creek Ranch Malibu in Malibu, Calif. Image courtesy of Marmol Radziner<\/em><\/p><\/div>\n

Pacific Equity Properties Inc. continues to make progress with the development of Cross Creek Ranch Malibu in Malibu, Calif., now that it has secured construction financing for the 112,000-square-foot mixed-use project.<\/p>\n

With the assistance of investment and advisory firm Integrated Capital Management LLC, Pacific Equity obtained a $130 million loan through Related Fund Management in one of the largest construction loan transactions<\/a> to close in Los Angeles County year to date.<\/p>\n

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READ ALSO:<\/strong> Will Financing Flow More Freely Now?<\/a><\/p>\n

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Sited on 13 acres in the heart of Malibu\u2019s shopping district, Cross Creek will feature 70,000 square feet of premier retail and restaurant offerings, 10,000 of which will consist of interior dining, in addition to 42,000 square feet of creative Class A office space and ample subterranean and surface parking. Perhaps the central feature of the Marmol Radziner-designed development will be space: 80 percent of the mixed-use destination\u2019s acreage will be reserved for landscape architecture, water treatments and gathering spaces all conceived to create a communal, village atmosphere.<\/p>\n

Beyond sourcing financing for Cross Creek, Integrated has another leading role in the project. \u201cWith Cross Creek Ranch Malibu, Integrated made an initial co-investment from its discretionary and diversified investment fund\u00a0to advance the predevelopment to a shovel-ready project. As the project advanced, Integrated was able to successfully increase its investment into this ultra-high barrier to entry opportunity by raising an additional side-car investment vehicle,\u201d Robert Lindner, co-founder & managing principal, Integrated Capital Management LLC, told Commercial Property Executive<\/em>.<\/p>\n

Proactive Amid the Pandemic<\/strong><\/h2>\n

Cross Creek has been in the works for quite some time and holds the distinction of being the largest development to secure approval since the City of Malibu\u2019s incorporation 30 years ago. That approval came just as the COVID-19 pandemic hit the U.S. However, Cross Creek\u2019s stakeholders were undeterred by the accompanying widespread economic uncertainty and frosty capital markets<\/a>.<\/p>\n

\u201cThe process of procuring the construction financing on behalf of the developer was materially improved by Integrated\u2019s intimate knowledge of the asset, as well as lenders appreciating, and valuing, that Integrated had material skin in the game,\u201d Lindner said. \u201cI think having lived the story of how Cross Creek Ranch Malibu has evolved, advanced, and endured through some challenging times, combined with the boots on the ground knowledge of the local market, and a genuine passion for the asset, truly gave Integrated a perspective that resonated with the capital markets.\u201d<\/p>\n

Newmark is spearheading retail leasing for Cross Creek, while CBRE is charged with overseeing leasing for the office segment. The project is on schedule for a grand opening in 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"

Pacific Equities secured financing for the largest project approved by the city in its 30-year history.<\/p>\n","protected":false},"author":969,"featured_media":1004529164,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1594,21752,21742,15],"tags":[32789,51053,51054,50999,51055],"class_list":["post-1004514628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-los-angeles","category-mixed-use","category-latest","category-west","tag-cbre","tag-integrated-capital-management","tag-marmol-radziner","tag-newmark","tag-pacific-equity-properties"],"acf":[],"yoast_head":"\nMalibu Mixed-Use Secures $130M Loan - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cross-creek-ranch-malibu-lands-130m-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Malibu Mixed-Use Secures $130M Loan\" \/>\n<meta property=\"og:description\" content=\"Pacific Equities secured financing for the largest project approved by the city in its 30-year history.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cross-creek-ranch-malibu-lands-130m-loan\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-05T13:10:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-12T09:44:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Cross-Creek-Ranch-Malibu-in-Malibu-Calif.-Image-courtesy-of-Marmol-Radziner-300x233-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"300\" \/>\n\t<meta property=\"og:image:height\" content=\"233\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cross-creek-ranch-malibu-lands-130m-loan\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cross-creek-ranch-malibu-lands-130m-loan\/\",\"name\":\"Malibu Mixed-Use Secures $130M Loan - 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