Slatt Capital arranged a $12,000,000 refinance for Gene Autry Plaza, a 60,629-square-foot multi-tenant retail property located in Palm Springs. Built in 2009, the property was financed through a life insurance company with a five-year term and 30-year amortization schedule. The permanent loan is structured as partial recourse.
Michael Kaplan, Slatt Capital’s president, led the transaction on behalf of the unnamed borrower, with support from Andrew Friedeberg. Upland-based 1st Commercial Realty Group provides property management services for the asset, which is occupied by a mix of tenants including food, fitness and health operators.
“Gene Autry Plaza checks a lot of boxes for lenders: a grocery-anchored center in an affluent market, with the daily-needs tenants that drive consistent foot traffic regardless of the economic cycle,” said Kaplan. “Life companies value that kind of durable, necessity-driven income, and the property’s location next to the Palm Springs Airport and the Gene Autry Business District adds to its appeal.”
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