Clovis shopping center, ‘turnaround’ success story, secures $24M loan

A Clovis shopping center is the beneficiary of a $24 million permanent financing loan, announced one of the largest commercial finance companies in the US.

The 127,764 square-foot Trading Post Shopping Center at Clovis and Herndon avenues had sat mostly vacant for several years when Rich Development Enterprises, LLC, purchased the center in 2015 with a plan to rehab the property.

Two anchor spaces were vacant at the time, and only 20 percent of the center was occupied. Rich Development — which also developed the Marketplace at El Paseo shopping center in northwest Fresno — expanded and brought in national and regional tenants including Sprouts, Ross, Skechers, Tuesday Morning, Dollar Tree, Deli Delicious, Union Bank and Pieology Pizza.

Walker & Dunlop of Maryland originally arranged the construction line of credit for the property’s rehab, and has now converted the floating rate construction loan to a fixed rate, permanent loan without requiring updated third-party reports, said Jeff Hudson, managing director of Walker & Dunlop.

“Our client has done an incredible job with this property, and we are thrilled that we were given the opportunity to play a role in this success story,” Hudson added.

Located near Highway 168, the Trading Post is situated in one of the newest retail growth corridors in the area, according to a news release.

“The financial experience and expertise of Jeff and the entire Walker & Dunlop team were invaluable to our turnaround plan,” said Joseph Rich, general partner of Rich Development, in a statement. “We have worked with Jeff Hudson and his team for over thirty years and are once again very pleased with their results.”

Walker & Dunlop has closed 59 retail loans in the first half of 2017 — nearly double the number of retail transaction in the first half of last year.

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