Property Type Retail
Date January 18, 2016
Timothy W. Storey, a Principal of Gantry has arranged $267,000,000 in permanent and mezzanine financing for a retail portfolio consisting of eleven (11) neighborhood shopping centers totaling 1.67 million square feet.
Timothy W. Storey, a Principal of Gantry has arranged $267,000,000 in permanent and mezzanine financing for a retail portfolio consisting of eleven (11) neighborhood shopping centers totaling 1.67 million square feet. The portfolio consists of eight grocery anchored centers, one power center, and two strip centers located in Phoenix, Tempe, Mesa, Glendale, and Peoria, Arizona. Approximately 60% of the tenants are national retailers with investment grade credit ratings, such as Wal-Mart, Safeway, Walgreens, PetSmart, Best Buy, and Kroger. The properties were built between 1971 and 2004 and many of them have been renovated in recent years. The properties range in size from 34,720 to 305,682 square feet. Gantry arranged the fixed rate and mezzanine financing on behalf of a Phoenix based borrower. The senior loan was funded by Principal Commercial Funding and the mezzanine loan was funded by NRF Capital. With offices in Phoenix, San Francisco, Los Angeles, Sacramento, Irvine, Las Vegas, and Seattle, 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 Tim Storey at (602) 374-7854 or Michael Heagerty at (415) 956-9854.