Sacramento — MidCap Financial has provided $17.9 million in refinancing for the repositioning and lease-up of Stockton Plaza, a grocery-anchored shopping center in Sacramento.
The borrower, Santa Monica-based DPI Retail, plans to renovate and repurpose the property, formerly anchored by Kmart. A regional grocery chain and national discount department store will be the new anchors at the renovated center. Loan proceeds were used to refinance the existing debt and fund renovation, lease-up and carry costs. The Mozer team at George Smith Partners arranged the three-year, floating rate loan.