Gantry secured a $17-million permanent loan to retire bridge financing for Village Center neighborhood retail center located at 17900 Magnolia St. in Fountain Valley, California. The 93,000-square-foot inline retail center is anchored by Sprouts Farmers Market, Rite Aid and Dollar Tree along with other local tenants.
Principals Braden Turnbull and George Mitsanas as well as associate Austin Ridge from the 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 throughout its life span.
Turnbull commented on the successful funding of suburban grocery anchored retail loans through their correspondent insurance companies stating “Nothing has been easy to finance in the current market climate but we have had great success at Gantry…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 an industry news website discussing Neighborhood Shopping Center Secures $17M Permanent Loan
