Dealmaker: Calmwater Capital Provides $23M to Refinance Park City Retail

(Illustrations courtesy of Calmwater Capital)

Calmwater Capital, El Segundo, Calif., provided Stanton Road Capital with $22.8 million in short-term bridge debt to refinance Kimball on Main, a retail complex in Park City, Utah.

The 25,429-square-foot property is located at 675 Main Street on a .43-acre corner lot at Heber Avenue at the epicenter of shopping, dining and attractions on Park City’s half-mile high street. Built in 1990, the property was renovated in 2018, including the construction of a new three-story building facing Main Street. The property has seven street-level store fronts and a second-floor event space. Kimball on Main is currently 83% leased to retailers including Arhaus, Free People, Sunglass Hut, Romy Park City, We Norwegians and The Collective.

Main Street is flanked by premier ski resorts Park City Mountain Resort and Deer Valley. The more than 200 shops, restaurants, pubs and entertainment venues benefit from an affluent local population and more than four million tourists that visit Park City annually.

Since acquiring the asset in 2022, Stanton Road Capital, a national private investment firm with over six million square feet of assets under management led by Tim Ronan, has increased NOI significantly through professional management, lease-up and tenant renewals.

Calmwater Managing Principal Larry Grantham led the origination team. “Due to our existing relationship with the borrower and the quality of the real estate, we were able to fund this loan inside of two weeks from when Stanton Road first reached out,” he said.

The transaction was supported by Calmwater Capital Vice President of Underwriting DaJuan Bennett.

“Calmwater was able to structure a short-term debt solution for the asset which allowed SRC to capitalize on an opportunity to solidify Arhaus as the property’s anchor tenant for the next 13 years,” Ronan noted.