Property Type Retail
Financing Type Refinancing
Date January 19, 2016
Timothy W. Storey, Principal of Gantry, has arranged permanent financing in the amount of $8,500,000 for Sun Shadow Square in Sun City, Arizona.
Timothy W. Storey, Principal of Gantry, has arranged permanent financing in the amount of $8,500,000 for Sun Shadow Square in Sun City, Arizona. The financing was arranged on behalf of the borrower through one of Gantry’s CMBS relationships. The loan will be serviced by Gantry. Pricing and other terms of the loan were not disclosed.
Located within Maricopa County, Sun City is a retirement community known for the active lifestyle of its senior citizens. Sun Shadow Square, which is approximately 84,000 square feet, is located in the heart of Sun City where many of its residents benefit from its ease of access. This property is also easily accessible for non-residents of the community since it sits between two major thoroughfares, the Agua Fria Loop 101 and the U.S. Highway 60. Built in 1986, this neighborhood retail center is home to many notable tenants including Subway, Pizza Hut, Edward Jones & Co. and H&R Block. At closing, this property was 85% occupied. Surrounding the property, but are not included in the subject collateral of the loan, are other well-known tenants like McDonald’s, Arby’s, Wells Fargo, Chase, and Big O Tires.
Gantry is a full service mortgage banking firm with a strong lineup of correspondent lenders utilizing Gantry’s production, closing and servicing capabilities. Established in 1991, Gantry is currently staffed by over 60 employees in regional offices throughout the western United States. The company services over $7.5 billion representing 900 loans. Gantry has been rated as a Primary Servicer by Standard and Poor’s and is one of a select few non-banking/non-insurance chartered companies with this designation.
For more information on this transaction, please contact Tim Storey at 602-374-7854 or Michael Heagerty at 415-956-9854.