Citi, Wells Fargo Provide $84M in Financing for Lifestyle Power Center in California

reprints


Tower Investments has landed $84 million in acquisition financing for Nut Tree Plaza, a lifestyle power center in Vacaville, Calif., Commercial Observer has learned. Citigroup and Wells Fargo provided the loan.

Meridian Capital Group arranged the 10-year interest-only loan with a team led by Jason Kahn and Thomas Wayda.

SEE ALSO: Ian Stresses Florida’s Teetering Property Insurance Market

Located at 1661 East Monte Vista Avenue, the 370,575-square-foot power center includes 68 tenants such as Best Buy, Nordstrom Rack, HomeGoods, Michael’s, PetSmart, Old Navy, Cost Plus, Five Below, Ulta, BevMo and Kirklands. 

Nut Tree Plaza has signed over 200,000 square feet of combined new leases and renewals since 2020, according to Jason Kahn.

“It was a pleasure to work with the deal teams at Citigroup and Wells Fargo, who both persevered through unprecedented geopolitical events and volatile interest rate market conditions to deliver our client a best-in-market execution,” Kahn said in a prepared statement. 

Tower Investments, Citigroup and Wells Fargo officials did not immediately respond to requests for comment. 

Emily Fu can be reached at efu@commercialobserver.com.