CBRE Arranges $57.6 Million Refinance for First Street Napa

CBRE has arranged $57.6 million in refinancing for First Street Napa, a Class A mixed-use property located in downtown Napa.

Brad Zampa and Mike Walker of CBRE’s Debt and Structured Finance team in San Francisco arranged the five-year non-recourse, floating-rate loan from an East Coast-based debt fund on behalf of NTC Shops, LC.

“Downtown Napa continues to demonstrate strong leasing fundamentals, and First Street Napa is uniquely positioned to capture its long-term growth. This financing reflects lender confidence in the high quality of the asset and its unique location along First Street. Managing partner Zapolski Real Estate's excellent stewardship through flood, fires and Covid was instrumental in the asset’s success, and downtown Napa’s continued growth will only continue to bolster the asset's performance and value,” said Zampa, executive vice president at CBRE.

Located at 1300 First Street, the property spans 162,000 square feet across six buildings, featuring a mix of retail, dining, tasting rooms and office space. The property is currently 90% leased to a diverse roster of tenants, including Lululemon, Free People, Hestan and Silicon Valley Bank, and is located adjacent to the Archer Hotel, a four-star, full-service hotel with 183 rooms.

Since the beginning of the assemblage of land in 2013, NTC Shops, LC has invested over $100 million to modernize the property with exterior renovations, public art installations, and outdoor gathering spaces.