A Clovis shopping center is the beneficiary of a $24 million permanent financing loan, announced one of the largest commercial finance companies in the US.
The 127,764 square-foot Trading Post Shopping Center at Clovis and Herndon avenues had sat mostly vacant for several years when Rich Development Enterprises, LLC, purchased the center in 2015 with a plan to rehab the property.
Two anchor spaces were vacant at the time, and only 20 percent of the center was occupied. Rich Development — which also developed the Marketplace at El Paseo shopping center in northwest Fresno — expanded and brought in national and regional tenants including Sprouts, Ross, Skechers, Tuesday Morning, Dollar Tree, Deli Delicious, Union Bank and Pieology Pizza.
Walker & Dunlop of Maryland originally arranged the construction line of credit for the property’s rehab, and has now converted the floating rate construction loan to a fixed rate, permanent loan without requiring updated third-party reports, said Jeff Hudson, managing director of Walker & Dunlop.
“Our client has done an incredible job with this property, and we are thrilled that we were given the opportunity to play a role in this success story,” Hudson added.
Located near Highway 168, the Trading Post is situated in one of the newest retail growth corridors in the area, according to a news release.
“The financial experience and expertise of Jeff and the entire Walker & Dunlop team were invaluable to our turnaround plan,” said Joseph Rich, general partner of Rich Development, in a statement. “We have worked with Jeff Hudson and his team for over thirty years and are once again very pleased with their results.”
Walker & Dunlop has closed 59 retail loans in the first half of 2017 — nearly double the number of retail transaction in the first half of last year.