Mega Furniture has recently obtained an $81 million refinancing for the Gilbert Gateway Towne Center, which they purchased two years ago. The financing was arranged by CBRE and features a fixed interest rate for 5 years. Led by Shaun Moothart, CBRE’s team secured non-recourse financing with an interest-only structure to optimize cash flow.
In 2021, Mega Furniture acquired this Class A property from Vestar for $50.2 million and also received a $37.7 million acquisition loan from Oceanview Life. Located on Power Road in Gilbert, the shopping center boasts over 40 national retailers such as Ross, PetSmart, Michael’s and Cost-Plus World Market. While Vestar remains as the property manager of this asset completed in 2005.
The article “Mega Furniture Secures $81M Refi for Gilbert Shopping Center” originally appeared on Connect CRE.
