November 29, 2024

Calmwater Capital provided short-term first mortgage debt for the acquisition of Cathedral City Marketplace, a 195,000-s.f. grocery-anchored retail center in the greater Palms Springs area. The deal needed a quick close with recently signed leases requiring good news money and time to season the rent roll, which provided some hurdles. Calmwater also had to navigate due diligence and a loan closing as the buyer was completing their own due diligence and simultaneously finalizing their business plan and acquisition. The actual loan collateral evolved and Calmwater had to work hand-in-hand with the sponsor. More