Archway Capital provided a $22.8-million loan to acquire Simi Valley Town Center. Built in 2005, the 593,827-square-foot retail center is located at 1403-1685 Simi Town Center Way in Simi Valley. The borrower was not disclosed.
“We are pleased to provide acquisition financing on this value-add asset on behalf of the experienced borrowers,” said Bobby Khorshidi, CEO with Archway Capital. “The new ownership has a strategic plan in place to reposition the center to lifestyle retail over the next 12 months.”
Added Jessica Carter, VP, originations, “Archway successfully closed the non-recourse, 24-month loan within 30 days of origination. Bridge money was required due to the quick closing timeline and strategic repositioning plan for the property. Ultimately, we created bespoke short-term financing that provides time for the borrower to reimagine the center and attract new retail tenants.”
Simi Valley Town Center’s tenant roster includes Marshalls, Ulta Beauty, Studio Movie Grill, Five Below, California Pizza Kitchen, Red Robin, Verizon, Corner Bakery and Starbucks.
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