Developer Obtains $23.5M in Refinancing for Border Retail CenterThursday, February 28, 2013
Solana Beach-based developer The Shamrock Group LLC has obtained $23.5 million in refinancing for The Plaza at the Border, the company’s recently completed 98,000-square-foot retail center in San Ysidro.
According to a statement from capital services firm HFF, which arranged the transaction, the five-year, floating-rate loan was obtained from lender Prime Finance. It is an interest-only loan with extension options, with proceeds replacing a construction loan and going toward tenant improvement, leasing and other costs.
Plaza at the Border was completed in 2012 and is 79 percent leased, with tenants including TJ Maxx, Ross Dress for Less and Vitamin Shoppe. It is located at 3951-3975 Camino De La Plaza.
Shamrock Group has announced plans to start construction in the first quarter of 2013 on another retail center, called The Outlets at the Border, also to be located near the San Diego/Tijuana crossing. The 136,000-square-foot center is slated for a spring 2014 opening, with leasing under way but tenants not yet announced, according to a statement from Shamrock Group.
— SDBJ Staff Report