IE Business Daily Business news for the Inland Empire.
Newmark Knight Frank has arranged a $30 million loan that will be used to refinance the Rancho Las Palmas Shopping Center in Rancho Mirage.
The project, which covers 163,500 square feet at Bob Hope Drive and Highway 111 is about 85 percent leased, according to a statement.
Tenants include CVS, Stein Mart, Hobby Lobby and Wells Fargo. The five-year loan is a joint venture between DRA Advisors LLC, a real estate investment group in New York, and Paragon Commercial Group in El Segundo, according to the statement.
One year ago, Paragon Commercial pledged to spend 18 months investing $500 million dollars in retail property acquisitions.
DRA Advisors will continue to manage the property and carry out its business plan, according to the statement.
