CBRE secured $19 million in recapitalization financing for Gaslamp Square, a retail property located at 402 5th Ave. in San Diego. The team of Scott Peterson, Bill Chiles, Brian Cruz and Colby Matzke arranged a floating‑rate loan on behalf of HP Investors. The financing features a multi‑year interest‑only period and a competitive structure with a maturity in 2029.
“Securing this financing for HP Investors underscores the continued strength of the San Diego retail market and the exceptional value proposition of Gaslamp Square,” said Peterson. “This high-profile asset, with its unique mixed-use configuration and significant parking component, is poised for substantial upside, especially with the planned capital improvements and HP’s local market knowledge.”
Gaslamp Square spans 54,856 square feet and occupies a full block at 5th Avenue and J Street, one of the busiest corners in Downtown San Diego’s Gaslamp Quarter. It contains retail condominiums paired with a 243-stall subterranean parking garage, among the largest parking facilities in the Quarter.
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