NKF Arranges $30M Refi for Inland Empire Retail Center
- Feb 26, 2020
Newmark Knight Frank has secured $30 million in refinancing for Rancho Las Palmas Shopping Center in Rancho Mirage, Calif. Vice Chairmen Dustin Stolly, Jordan Roeschlaub and David Milestone worked on behalf of a joint venture of DRA Advisors and Paragon Commercial Group and arranged the five-year, floating-rate loan from CIT Bank. Last month, Stolly and Roeschlaub led a team that procured $145 million in financing for the buyer of a 1.1 million-square-foot Manhattan building.
The recently renovated, 163,500-square-foot property is 85 percent leased. The tenant roster includes CVS, Brandini Toffee, Stein Mart, Norma’s Italian Kitchen Restaurant, Hobby Lobby, Dickey’s Barbecue Pit, Wells Fargo and Starbucks, among others.
Located at 42-540 Bob Hope Drive, the retail center is just off Highway 111 and within 11 miles of Palm Springs, Calif. The property is part of a larger shopping corridor, which includes the adjacent River Mall and Westfield Palm Desert commercial center, located 2 miles from Rancho Las Palmas.