Red Mountain Group Closes September with Finance Hat Trick
Santa Ana, CA – October 1st, 2018
Red Mountain Group, Inc. announced that on Friday, September 28th three financial transactions were closed in one day for a total of $22,775,000
A $13,200,000 refinance with Morgan Stanley was completed for Desert Sky Esplanade, a power center in West Phoenix located on the north-west corner of 75th Avenue & McDowell Road. The shopping center is anchored by Ross, Big Lots, Dollar Tree and is shadow anchored by Wal-Mart Supercenter and Lowe’s. This loan was closed despite a major tenant filing for Chapter 11 bankruptcy protection prior to the loan closing. For additional information on this property, please visit: <a href="https://www.redmountaingroupinc.com/property/desert-sky-esplanade/" target="_blank" rel="noopener">https://www.redmountaingroupinc.com/property/desert-sky-esplanade/</a>
For Country Club Plaza, located in Mesa, Arizona on the north-west corner of W. Southern Avenue & S. Country Club Drive, a $6,000,000 refinance with John Hancock was finalized. This loan extended the current loan for another ten years. Anchored by 99 Cents Only, Goodwill and Bookman’s, the center also includes Cycle Gear, Sizzler, Denny’s and El Pollo Loco. For leasing or property information, visit: https://www.redmountaingroupinc.com/property/country-club-plaza/
A $3,575,000 development loan with Farmers & Merchants Bank for San Pablo Towne Center was also closed. This loan will allow the shopping center to be re-tenanted with Big Lots and Octapharma. The shopping center is located at 300 San Pablo Towne Center in San Pablo, California on a well established and thriving commercial center along the main East Bay Retail Corridor on Interstate 80 and is anchored by Ross & Dollar Tree. Other tenants include Starbucks, Goodwill and Jamba Juice. For additional information regarding this property, please visit: <a href="https://www.redmountaingroupinc.com/property/san-pablo-towne-center/" target="_blank" rel="noopener">https://www.redmountaingroupinc.com/property/san-pablo-towne-center/</a>
For more information regarding Red Mountain Group’s financing opportunities, contact Carl L. Roude, President and Chief Investment Officer at 714-460-1522.
The Red Mountain Group portfolio encompasses 88 shopping centers with nearly 4.5 million square feet of commercial retail development with a current value of over $950 million dollars with assets in 17 states. Red Mountain Group was founded in 1999 by Mr. Michael H. Mugel. The company is headquartered in Santa Ana, California, and also has an office in Phoenix, Arizona. Red Mountain Group can be found online on LinkedIn, Facebook, Twitter, and at www.RedMountainGroupInc.com
