Property Type Industrial
Date January 18, 2016
Gantry and Teachers Insurance and Annuity Association (TIAA-CREF) have arranged financing in the amount of $69,500,000 for the Blue Diamond Crossing retail center.
Gantry and Teachers Insurance and Annuity Association (TIAA-CREF) have arranged financing in the amount of $69,500,000 for the Blue Diamond Crossing retail center. The center is located on Blue Diamond Parkway, southwest of the strip in Las Vegas, Nevada. Anchored by Target, Kohls, Ross, Petco, Cost Plus and Office Depot, the 650,000 square foot center is situated on 69.5 acres and is the key component of the 110 acre master-planned Blue Diamond Business Center consisting of 1.5 million square feet of retail, industrial and office space. The commitment included forward rate lock and earn-out funding provisions to address the need for permanent financing on the center.s final phase of shops and pads currently under development. Financing was arranged by Chris Funai, a Vice President, Peter Welsh, a Managing Principal and Braden Turnbull, a Principal of Gantry, acting as loan correspondent for TIAA-CREF. With offices in Las Vegas, Los Angeles, Irvine, San Francisco, Sacramento, Seattle and Phoenix, 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. For more information on this transaction please contact Chris Funai at (702) 304-0437, Peter Welsh at (310) 846-5298, Braden Turnbull at (310) 846-5301 or Michael Heagerty at (415) 956-9854.