Gantry has secured a $53.4 million permanent loan to retire construction debt for the first phase of a multi-phase retail project on behalf of a private real estate investor. The 7.5-year, fixed rate loan was placed with an institutional global financial services firm and will be used to finance The Village at Prasada, located at the intersection of Waddell Rd and Loop 303 in Surprise, Ariz., on the outskirts of Phoenix.
Phase One encompasses 308,640 square feet and is currently 100% leased to 31 tenants including Sprouts, Ross Dress for Less®, HomeGoods®, Marshalls®, ULTA Beauty™ , Total Wine & More® , PetSmart® , TJ Maxx® , Floor & Décor Outlets™ . Tim Storey from Gantry commented that “Retail continues to shine as an asset class worthy of the best rates available in today’s capital markets.”
