Property Type Retail
Date January 18, 2016
Timothy W. Storey of Gantry has arranged bridge financing in the amount of $6,500,000 for Verde Valley Plaza located in Cottonwood, Arizona.
Timothy W. Storey of Gantry has arranged bridge financing in the amount of $6,500,000 for Verde Valley Plaza located in Cottonwood, Arizona. Gantry arranged this financing with Midfirst Bank on behalf of the borrower who plans to do a complete exterior renovation of the project over the next 12-24 months. Verde Valley Plaza consists of a 104,000 square foot grocery-anchored shopping center located in the heart of Cottonwood, Arizona. The grocery anchored center is comprised of four single-story buildings; a central grocery anchored space occupied by Food City (Bashas’) bordered by two mini-anchors and shops to the east and west. The property underwent significant renovations in 1984/1985 and a complete remodel of the Sears space in 2003. Located on approximately 10-acres, the subject was originally constructed in several stages during the 1960’s concluding in 1999 with a free standing building in the southeast portion of the center. The property is currently 100% occupied and enjoys excellent visibility and access to both Main Street and Highway 89A in Cottonwood. With offices in Phoenix, San Francisco, Los Angeles, Seattle, Irvine, Sacramento, and Las Vegas, Gantry is a privately held full-service commercial mortgage banking firm that provides financing for income-producing properties. Gantry originates and services loans for its correspondent lenders and other insurance companies, pension funds, Wall Street conduits and commercial banks which are considered among the strongest and most active institutions in the real estate capital markets.