Commercial real estate financial advisory and mortgage origination firm Uber Capital Group LLC has sourced a $28.7 million acquisition financing loan for the purchase of the Sierra Vista Mall located at 1050 Shaw Avenue in Clovis, California, a suburb of Fresno. The client was a private national commercial real estate investment group based in New York.
“We obtained the loan for the Sierra Vista acquisition at a 10-year fixed rate of 5%, with a 70% loan-to-value, 15-year full amortization, and a partial recourse,” said Joel J. Gorjian, who founded Uber in late 2016. The firm has since arranged more than $500 million in commercial real estate financing nationwide.
The 690,487-square foot, 75-tenant regional mall features a large outdoor lifestyle section with restaurants, a 16-screen movie theater, and a community park with concert facilities, fountains and attractive landscaping. The property includes a 3,878-car parking area.