Gantry successfully obtained a $12.8-million bridge loan for the Carson Plaza retail power center in Carson, which will be used to pay off existing financing and finance a strategic leasing and improvement program. Director Murphy Osborne and associate Joe Foley secured the loan on behalf of a private real estate investor.
The bridge loan offers favorable terms such as interest-only payments and prepayment flexibility, thanks to Gantry’s partnership with one of their trusted debt fund lenders that specializes in value-add project lending.
According to Osborne, the sponsor of Carson Plaza has identified an opportunity to re-lease vacant spaces and revitalize the entire center through a strategic plan that will continue until 2025. The bridge loan provided immediate access to funds needed for securing tenant agreements for an anchor space as well as junior anchor space within an expedited timeline at lower costs compared to future stabilized debt service capacity.
Currently occupying 80,838 square feet with 30 tenant spaces including anchor and junior anchor tenants still in lease-up phase, this inline center is poised for growth under its new funding arrangement.
