Dealmaker: Calmwater Capital Funds $21M for California Acquisition

(Image courtesy of Calmwater Capital)

Calmwater Capital, El Segundo, Calif., announced it provided Rhino Investment Group with $20.86 million in short-term, first mortgage debt for its acquisition of a grocery-anchored retail center in Cathedral City, Calif.

The origination team included Managing Principal Larry Grantham; Director, and Head of Western U.S. Originations Zach Novatt; and Vice President, Underwriting,  DaJuan Bennett.

Cathedral City is located in the greater Palm Springs area, and the property is called Cathedral City Marketplace. With 195,000 square feet, it includes a Kroger’s Food 4 Less as an anchor tenant, and a Planet Fitness, dd’s Discounts, DJ’s Sports Bar and a Subway.

A portion of Calmwater’s loan proceeds will be used to help fund physical improvements and costs associated with stabilizing the property.

“We were able to accommodate an evolving purchase structure while the purchase agreement and due-diligence were being finalized,” Novatt said. “Once renovations are complete, Cathedral City Marketplace will provide the community an upgraded retail experience with a refreshed mix of modern restaurant and retail offerings to compete at the high end of the market.”