Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $29.2 million permanent loan to refinance the Goodyear Centerpointe retail power center located at 15277-15475 W. McDowell Road in the city of Goodyear, a West Valley suburb of Phoenix. The 320,000-square-foot power center features an inline anchor building, two out-parcel buildings and a series of free-standing pad sites. Major tenants include Conn’s Appliances, EOS Fitness, Urban Air, Hobby Lobby, Turner’s Outdoorsman, Goodwill Industries and a wide range of casual restaurant, fast food, and professional services tenants including optometry and beauty.

Gantry’s Braden Turnbull, Principal, Patrick Barkley, Principal, Chad Metzger, Senior Associate, and Alicia Sabanero, Associate, with the firm’s Phoenix and Los Angeles production offices represented the borrower, the Haagen Company. The 20-year, fixed rate loan was secured through one of Gantry’s life insurance company relationships with terms including 20-year amortization and a prepayment stepdown after 10-years.

According to Gantry’s Patrick Barkley, “Phoenix and the West Valley suburbs continue to offer strong fundamentals for retail performance. Subsequently, a diverse range of lenders continue to target allocations to the asset class throughout Metro Phoenix. Gantry is consistently monitoring these debt sources for programs that best meet a client’s specific investment goals. This collaboration between Gantry production teams in Phoenix and Los Angeles focused on retiring an existing loan for a Southern California-based client with a strong performing West Valley asset. Our team effort leveraged local market knowledge with the national reach of Gantry’s extensive roster of proven lenders. That effort ultimately identified the existing lender as the best option for a new loan to meet the client’s goals.”

Gantry’s Braden Turnbull added, “This assignment was for a long-time Gantry client, and required us to strategically refinance with a new loan that would meet an evolving plan for a legacy hold. The desired loan also needed to provide a return on capital, reflecting the asset’s increased value from nearly a decade of successful operations. Our ability to articulate operative history, rent performance, strong local fundamentals, and sponsorship experience allowed us to secure a new loan from the existing lender in advance of maturity at no prepayment cost. The loan provided an attractive rate for the cycle with terms tailored to the client’s long-term plans for the asset, including the desired return on capital.”