LOS ANGELES—Locally-based Continental Funding Group has secured a $5.99 million refinance loan for the Glenbrook Shopping Center in Sacramento, Calif. The financing is a five-year, WSJ prime-based loan. Proceeds were structured at 65 percent of value with an additional 5 percent earn-out accessible with furtherup; the facility is 86 percent occupied.
“Identifying capital sources comfortable with a very low sponsor basis was a challenge,” said J.M. Grimaldi, director of CFG, in a statement. “We were able to get the lender comfortable with the sponsor’s opportunistic business model and track record and ultimately cash out all of the initial equity in the.”
Built in 1973, the 69,230-sq.-ft.center, located at 8700-8760 La Riviera Dr., is anchored by Big Lots and includes tenants such as Jack in the Box and Subway.