Buchanan Mortgage Holdings, LLC (BMH), an affiliate of Buchanan Street Partners, L.P., announced it has provided a $12.38 million bridge loan for a planned Whole Foods-anchored retail development site in Bakersfield, CA. The financing is structured to fund pre-development and horizontal construction costs, including grading and off-site work, following the finalization of necessary city approvals.
Since acquiring the 46-acre site in 2023, the sponsor completed the environmental remediation of the former PG&E land, executed leases with Whole Foods, Chipotle, McDonald’s, and others, and secured several additional Letters of Intent across the 300,000 square-foot shopping center-significantly increasing the site’s value “The opportunity to establish a new lending relationship with a top-tier retail developer, was a key factor that attracted us to the transaction” said SVP Chris Cervisi. “They have a long track record of entitling and delivering premier retail environments, and we are confident the development will be another successful addition to their portfolio.”
Situated in the Northwest Bakersfield submarket, where retail vacancy remains below 3%, the property sits directly across from Northwest Promenade, a regional destination attracting over 14 million visitors annually. The City of Bakersfield has demonstrated strong support for the project, which transforms a former PG&E site into a vital community asset at a prominent intersection within this heavily trafficked retail corridor.
“This financing aligns with BMH’s lending strategy of partnering with excellent sponsors who consistently deliver Class-A properties. The financing exemplifies BMH’s ability to provide flexible solutions while maintaining disciplined risk management through a structure that supports both project execution and capital preservation”
ABOUT BUCHANAN MORTGAGE HOLDINGS, LLC
Buchanan Mortgage Holdings, LLC, an affiliate of Buchanan Street Partners LP, originates non-recourse bridge and construction loans for the acquisition, development, renovation, recapitalization or refinance of commercial real estate located in primary and secondary Western U.S. and Texas markets. The company utilizes its own balance sheet and fully discretionary lending capabilities to provide certainty of execution within short timeframes, flexible loan structures and creative financing solutions. Our extensive experience as an owner and operator of commercial real estate allows us to understand what our borrowers need to successfully execute their business plans and maximize the value of the underlying real estate.