Archway Capital has provided a $22.8 million loan for the purchase of Simi Valley Town Center, a 593,827-square-foot retail center located at 1403-1685 Simi Town Center Way in Simi Valley. The borrower’s identity was not disclosed.
According to Bobby Khorshidi, CEO of Archway Capital, “We are delighted to offer acquisition financing for this value-add property on behalf of our experienced borrowers.” He also stated that the new owners have a strategic plan in place to transform the center into lifestyle retail within the next year.
Jessica Carter, VP of originations at Archway Capital added that they were able to close on this non-recourse loan within just 30 days from its origination due to their expertise and experience with bridge financing. This type of short-term financing was necessary because of the quick closing timeline and repositioning plans for the property. Ultimately, they were able to create customized funding options that allow time for reimagining and attracting new tenants.
Some notable tenants currently occupying space at Simi Valley Town Center include Marshalls, Ulta Beauty
