Calmwater Capital Funds $22.8 Million Loan to Refinance Retail Complex in Park City

Rezul News/10708553
EL SEGUNDO, Calif. - Rezul -- Private commercial real estate lender Calmwater Capital has provided Stanton Road Capital with $22.8 million in short-term bridge debt to refinance Kimball on Main, a 25,429-square-foot retail complex in Park City's historic Old Town.

The property is located at 675 Main Street on a prominent .43-acre corner lot at Heber Avenue at the epicenter of shopping, dining and attractions on Park City's half-mile high street. Originally built in 1990, the property was renovated in 2018, which included the construction of a new three-story building facing Main Street.  The property features seven street-level store fronts and a second-floor event space, which caters to corporate brand activations and private events.   Kimball on Main is currently 83% leased to a combination of nationally and locally recognized retailers including Arhaus, Free People, Sunglass Hut, Romy Park City, We Norwegians and The Collective.

Main Street is flanked by Park City Mountain Resort and Deer Valley, two of Utah's premier ski resorts.  The more than 200 shops, restaurants, pubs and entertainment venues benefit from and affluent local population and the more than 4 million tourists that visit Park City annually.

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Since acquiring the asset in 2022, Stanton Road Capital, a national private investment firm with over six million square feet of assets under management led by Tim Ronan, has increased NOI significantly through professional management, lease-up and tenant renewals.

"Stanton Road is a repeat borrower with a successful track record of executing on their business plans," said Calmwater Managing Principal Larry Grantham who leads the origination team.  "Due to our existing relationship with the borrower and the quality of the real estate, we were able to fund this loan inside of two weeks from when Stanton Road first reached out to me.  It's the speed at which we operate and the flexibility we give to sponsors which are Calmwater's strongest competitive advantages."

The transaction was also supported by DaJuan Bennett, Vice President of Underwriting.

"Calmwater was able to structure a short-term debt solution for the asset which allowed SRC to capitalize on an opportunity to solidify Arhaus as the property's anchor tenant for the next 13 years.  The lender's creativity and speed of execution has helped create significant value for our investors and partners", said SRC Founder and Managing Partner, Tim Ronan.

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About Calmwater Capital
Calmwater Capital is a commercial real estate debt lender specializing in senior secured bridge and transitional loans.  Based in the Los Angeles metropolitan region, Calmwater provides certainty of execution and individualized attention to our borrowers nationwide. Founded in 2010, Calmwater has grown to attract institutional investors both domestically and internationally. Calmwater Capital has originated over $4.3 billion in loans across 254 transactions since 2010. For more information on Calmwater Capital, visit www.calmwatercapital.com.

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Source: Calmwater Capital
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