SAN YSIDRO, CA—The Shamrock Group LLC, based in San Diego, has secured a $23.5 million loan for the Plaza at the Border, a 98,000-sq.-ft. retail center here along the U.S.-Mexico border.
HFF placed the non-recourse, five-year, floating-rate loan with the lender, Prime Finance. The loan is interest-only with extension options and proceeds are replacing a construction loan and paying for tenant improvement and leasing costs, among other costs.
Completed in 2012, the Plaza is 79 percent leased to tenants including TJ Maxx, Ross Dress for Less, Vitamin Shoppe, Fashion Q and Ulta. The property is at 3951-3975 Camino De La Plaza, adjacent to the Las Americas Premium Outlets and the Outlets at the Border.
HFF Managing Director Aldon Cole, Senior Managing Director Tim Wright and Senior Real Estate Analyst Husayn Hasan made up the team representing Shamrock Group.