Grocery-Anchored Retail Center in San Diego Secures $66M Refi

The owners of a grocery-anchored retail center in San Diego’s Carmel Valley have secured a refinancing loan for the property.

PGIM Real Estate provided a $66 million, fixed-rate, interest-only loan for Piazza Carmel, a Class A retail center at 3804-3890 Valley Centre Drive and 3775-3881 Valley Centre Drive. Walker & Dunlop’s Irvine Capital Markets team led by Gregory Richardson and Sean Skelton arranged the financing for Baldwin & Sons.

The Newport Beach-based owner has managed the center since developing the property in the early 1990s. The firm has built more than 20,000 homes between San Diego and Los Angeles, and also owns multifamily, retail and hospitality developments in Southern California, according to its website.

Earlier this year, Baldwin & Sons secured $81 million from Walker & Dunlop’s investment arm for a 312-unit housing complex in Chula Vista. The deal added to the increase in multifamily investment in the greater San Diego market this year, which includes MG Properties’ $309 million deal for 718 units in Downtown San Diego, and Bridge Investment Group’s $139 million apartment deal in Carlsbad (which also included financing originated by Walker & Dunlop).

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.