Gantry secured a $17-million permanent loan to retire bridge financing for the Village Center neighborhood retail center located at 17900 Magnolia St. in Fountain Valley. The 93,000-square-foot inline retail center is anchored by Sprouts Farmers Market, Rite Aid and Dollar Tree as well as other local tenants.
Principals Braden Turnbull and George Mitsanas along with associate Austin Ridge from Gantry’s El Segundo production office represented Paragon Commercial Group in this transaction. The five year fixed rate loan was placed with one of Gantry’s correspondent insurance company lenders featuring interest only terms across the life of the loan.
Turnbull commented on their success: “Nothing has been easy to finance in today’s market climate but we have had great success funding loans for suburban grocery anchored retail through our correspondent insurance companies.” He further added that “For the sponsor of Village Center, a maturing bridge loan used to acquire and improve the property was refinanced with stable long term permanent debt allowing them to capitalize on improved performance and strong local market fundamentals”.
This post originally appeared on Connect CRE .
