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PNC Real Estate Delivers Financing for
For three decades, Caruso has created extraordinary destinations in Southern California’s most desirable locations. Through developments such as The Grove and The Americana at Brand, Caruso has redefined the shopping and lifestyle experience by providing world-class service, a constantly evolving guest experience and a strong sense of community.
Caruso created Palisades Village as a walkable gathering place and neighborhood centerpiece with curated shopping, dining and lifestyle offerings. Located in one of California’s most exclusive coastal communities, Palisades Village was shaped over the past three years by thousands of conversations and meetings with local residents to respect and honor Pacific Palisades’ history.
Palisades Village will feature unique shops and great restaurants with outdoor dining and a place to host neighborhood gatherings. This new “Main Street” is pedestrian and family-friendly with a beautifully landscaped park serving as the centerpiece. Upon completion, the property will contain 125,000 square feet of floor area comprising five one-and two-story buildings with more than 40 retail and restaurant tenants, a five-screen theater, a specialty grocer, office space and eight luxury residential apartment units. Construction is currently underway with the grand opening scheduled for summer 2018.
PNC’s relationship with Caruso extends back 15 years with successful financings of several of the sponsor’s marquee projects in California including, among others, The Grove, The Americana at Brand and 8500 Burton Way.
PNC serves as Caruso’s agent bank, taking a lead position in the company’s line of credit and on the long-term financing for The Grove and Encino Marketplace. In addition to creative financing solutions, PNC provides a myriad of other business solutions to Caruso such as capital markets, treasury management, wealth management, tax credit capital and third-party construction loan servicing from Midland Loan Services, a PNC Real Estate business.
In discussing the project, Rick Caruso, Founder/CEO, Caruso noted, “Once again, PNC provided Caruso with exceptional customer and financial services. We deeply value our relationship over the past 15 years.”
Date: September 2017
Location: Pacific Palisades in Metropolitan Los Angeles
Financing Amount: $161 million
Financing Type: Syndication with PNC as Co-Lead Arranger and Syndication Agent; PNC hold: $80.5 million
Scope: 125,000 square foot mixed use project
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