**Walker & Dunlop Arranges $66M Refinance for Carmel Valley Retail Center**
Walker & Dunlop has successfully arranged a $66 million loan to refinance Piazza Carmel, a grocery-anchored retail center located in the upscale Carmel Valley neighborhood of San Diego, California. The fixed-rate, interest-only loan was secured by the firm’s Irvine Capital Markets team, led by Gregory Richardson and Sean Skelton, on behalf of Baldwin & Sons. The capital was provided by PGIM Real Estate to retire the property’s existing CMBS loan.
Piazza Carmel, located at 3804-3890 & 3775-3881 Valley Centre Drive, was developed by Baldwin & Sons in the early 1990s. Since its development, Baldwin & Sons has continued to own and manage the property, which has become a local hub for shopping, dining, and community engagement.
“Piazza Carmel Shopping Center is a dynamic destination for shopping, dining, and community connection in the heart of San Diego,” said Gregory Richardson of Walker & Dunlop. “We’re grateful for the opportunity to collaborate once again with the experienced team at Baldwin & Sons, and proud to have arranged another successful refinancing for a property that reflects the energy and lifestyle of San Diego.”
The transaction underscores continued investor confidence in well-located, grocery-anchored retail centers, particularly in high-demand markets like Carmel Valley.
