Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $12.8 million bridge loan to retire existing financing and provide proceeds for a strategic leasing and improvement program at the Carson Plaza retail power center located in the South Bay submarket of Los Angeles. The 80,838-square-foot inline center supports 30 tenant spaces, including anchor and junior anchor spaces currently in lease up. The roster of current center tenants includes restaurants, health and beauty services, banking, and professional services.

Gantry’s Murphy Osborne, Director, and Joe Foley, Associate, secured the loan on behalf of the borrower, a private real estate investor. The bridge loan, featuring interest-only terms and prepayment flexibility, was secured through one of Gantry’s pre-vetted debt fund lenders specializing in value-add project lending.

According to Gantry’s Murphy Osborne, “Retail assets continue to be strong performers in the current market climate, and liquidity exists from several sources and for a wide range of business plans. Every project is different. For this assignment, we reviewed a request for value-add funding also able to retire existing debt across a spectrum of lenders including banks, life companies, and debt funds. Ultimately, an experienced debt fund offered the most flexibility on terms and prepayment while effectively achieving the necessary proceeds. The sponsor for Carson Plaza is seizing an opportunity to re-tenant vacancies and revitalize the overall center in a strategic program that will unfold into 2025. The bridge loan funding offered immediate access to the capital necessary to finalize tenant agreements for an anchor and junior anchor space, strategically meeting an expedited timeline at a cost well below the property’s future stabilized debt service capacity.”