Cathedral City Marketplace gets a new owner after $20.8 million loan

The Cathedral City Market, just off the intersection of Date Palm Drive and Dinah Shore, has a new owner.

This comes after "Calmwater Capital" provided "Rhino Investment Group" with a $20.8 million dollar loan for its acquisition of the Cathedral City marketplace.

“Rhino Investments is a repeat borrower with a successful track record of adding value through redevelopment,  operational efficiency, and improving  the tenant mix, and we are confident in their ability to execute on their business plan once again,” said Larry Grantham, founder and Managing Principal of Calmwater Capital.   

Built in 1990, the 21-acre shopping center is home to a Food 4 Less, Planet Fitness, and other notable businesses.

A portion of Calmwater's loan will be used to help fund improvements and costs associated with maintaining the property. 

“We were able to accommodate an evolving purchase structure while the purchase agreement and due-diligence were being finalized,” said Zach Novatt, Calmwater Capital's Head of Western US Origination. “Once renovations are complete, Cathedral City Marketplace will provide the community an upgraded retail experience with a refreshed mix of modern restaurant and retail offerings to compete at the high end of the market.”