Marina Pacifica Shopping Center in Long Beach.

Marina Pacifica Shopping Center in Long Beach.

Long Beach’s Marina Pacifica Shopping Center has received $33.3 million in refinancing. The property, which is at 6270-6380 Pacific Coast Highway, spans 20 acres.
 
Tenants in the 296,958-square-foot property include Ralphs Supermarket, Nordstrom Rack, Barnes & Noble, AMC Theaters, LA Fitness and Howards Appliances.
 
Gantry’s George Mitsanas, Peter Hillakas and Austin Ridge represented the borrower, a private investor. The money was provided by an unnamed source.
 
The loan will last for seven years at a fixed interest rate and has term extensions available.
 
Mitsanas has financed the Marina Pacifica Shopping Center four times since the mid-1990s.
 
“In a post-Covid reality, not all retail is equal in terms of both performance and long-term fundamentals,” he said in a statement. “Consumers have continued to prioritize shopping at local venues that feature desirable tenants that are easy to access. Marina Pacifica’s strategic blend of essential services and destination retailers at a high-profile PCH location surrounded by an affluent coastal consumer demographic has supported continued strong performance during the disruptions of the past two years."
 
Other notable loans as of late include some that San Francisco-based Gantry helped arrange. In January, the mortgage banking firm secured $223 million in permanent financing for a seven-property portfolio in California. It has three multifamily properties, a single-tenant retail property, one self-storage property and two ground leases.

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