Bridge Loan Funds Sponsor to Build on Value-Add Leasing Program Following Recent Addition of Amazon Fresh as New Anchor for Suburban Center

Moorpark, Calif. (May 23, 2022) – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $24 million bridge loan to refinance the Village at Moorpark, a 129,000-square-foot suburban retail center located at 706-790 Los Angeles Ave. in Moorpark, Calif. The property features a wide range of essential and destination retailers, including a recently opened Amazon Fresh, Dover Saddlery and other local, regional, and national tenants. Moorpark, located in Ventura County, is an expanding suburban city serving the greater Los Angeles MSA, expected to add 2,400 new units of housing in coming months. Current average household income in the city is $140,500.

Gantry’s Mark Ritchie, Principal, and Austin Ridge, Associate, with the firm’s Los Angeles production office secured the bridge financing for the borrower, a private real estate investor. Funding was provided by an investment management platform experienced in underwriting value add commercial real estate transactions. The loan features earn-out provisions with holdbacks tied to future performance milestones and extension options.

According to Gantry’s Mark Ritchie, “With an ever changing retail landscape, this financing shows there is competitive debt available for well-located retail properties with strong fundamentals, and solid business plans. In this instance, the property’s significant upside potential from recent leasing successes has developed a clear path to long-term stabilization. This bridge funding replaced the original acquisition financing with new capital focused on a continued leasing and improvement program.”