Property Type Retail
Financing Type Refinancing
Date January 19, 2016
Gantry assisted with the refinancing of two shopping centers, including the coordination of a defeasance process for one of the original loans.
Gantry assisted with the refinancing of two shopping centers, including the coordination of a defeasance process for one of the original loans. The properties consist of a 49,311 square foot Petco anchored shopping center located in the Grantville neighborhood of San Diego, California, and a 96,624 square foot Ralphs Fresh Fare shadow-anchored shopping center located in Indio, California.
Jamie Dick, Vice President of Gantry’s San Diego office, assisted by Production Associate Jay Dick, coordinated the refinancing and defeasance processes for the borrower, a private investor in Southern California. The lender is a national bank. All other terms and conditions were not disclosed.
Grantville is one of the oldest communities in San Diego and the state of California. Mission San Diego de Alcalá was moved in 1774 to what is now the Grantville area. The restored mission is listed on the National Register of Historic Places and is a major landmark and tourist destination in Grantville. Primarily a commercial and light industrial neighborhood, Grantville contains businesses ranging from recording studios to a Home Depot, as well as dozens of small retail business, service firms, and factories. The Kaiser Permanente Hospital and its associated clinics and offices are a major employer. Grantville is home to several craft breweries including San Diego Brewing Company, Benchmark, and Groundswell.
Indio, a city in Riverside County, California, is located in the Coachella Valley. It lies 23 miles east of Palm Springs, 77 miles east of Riverside, and 127 miles east of Los Angeles. Indio is about 98 miles north of Mexicali, Baja California on the U.S.-Mexican border. The two major sectors of the local economy are year-round agriculture and tourism, although the majority of tourist activity is seasonal between October and May. Because of the numerous festivals and special events held annually in Indio, the Chamber of Commerce deemed Indio’s official nickname to be “The City of Festivals.” Indio’s most well-known festivals are the annual Coachella Valley Music and Arts Festival, and the country music oriented Stagecoach Festival.
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 $8 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 Jamie Dick at (858) 793-8400 or Michael Heagerty at (415) 956-9854.