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Friday, May 27, 2022

Simi Town Center Gets Capital Infusion

Simi Valley Town Center has received a new capital injection from a Boston-based real estate investment and advisory firm to continue its revitalization. Tremont Realty Capital provided $65.6 million in financing to help with improvements at the 348,000-square-foot center. The mall sits on 42 acres. Real estate investment bank Eastdil Secured, a subsidiary of Wells Fargo & Co., acted as the mortgage broker for the three-year, interest-only loan. It will provide initial funding of $30 million and future capital commitments of $35.6 million to cover building renovations, ongoing soft-costs and tenant improvements associated with the ongoing leasing of the mall, according to Tremont. Recent improvements include a new nine-screen Studio Movie Grill. Additionally, leasing agents recently signed three leases for 46,000 square feet, according to Tremont. The mall is currently 83 percent occupied.

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