Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $46.5 million in permanent loans for The Plaza at Golden Valley, a regional power center located at 19001-19415 Golden Valley Rd in Santa Clarita, a northern suburb of Los Angeles. The center spans over 600,000 square feet of total leasable space, and includes tenants such as Trader Joe’s, Staples, TJ Maxx, Panera Bread, Chili’s, PetSmart, Popeyes, McDonald’s, Chipotle, Bath & Body Works, Daiso, The Habit Burger, and The Kebab Shop. The center is shadow anchored by Target, Lowe’s, and Kohl’s.

Gantry’s Tony Kaufmann, Principal, Alex Poulos, Associate, and Joe Foley, Associate, with the firm’s San Francisco production office represented the borrower, a single private real estate investor. The10-year, fixed rate loans were placed with two of Gantry’s insurance company correspondents and feature interest-only introductory periods, non-recourse terms and 30-year amortization. Gantry will service the loans.

According to Gantry’s Tony Kaufmann, “Suburban retail remains a strong performance post COVID and the value-add acquisition of The Plaza at Golden Valley in 2022 was perfectly timed to meet increased leasing demand from a resilient retail sector. After executing on a strategic leasing program resulting in full occupancy of the major anchor spaces, our client needed to retire a maturing purchase loan with a permanent financing. Rather than having one loan collateralize the whole center, we were able to underwrite the deal as two separate loans. This approach maximized flexibility for sponsorship and their investment goals moving forward.”