Trident Capital Partners has arranged a $13.25 million refinancing for the owners of Scottsdale Towne Center, a retail property located on Frank Lloyd Wright and listed on Vestar’s website. The new financing replaces existing debt on the center and was structured as a short-term solution for the ownership group.
According to Trident, the 12-month, non-recourse loan is secured by the 16-acre Scottsdale Towne Center, which totals 168,090 square feet of retail space. The property is reported to be 99% leased, with a tenant roster that includes Mountainside Fitness, Ross Dress for Less, T.J. Maxx, several restaurants and a mix of smaller retailers. The center sits adjacent to a separately owned Target store, which is not part of the collateral.
Coverage from the Phoenix Business Journal noted Trident’s description of the prior financing structure. The borrower’s former senior loan had been cross-collateralized by Scottsdale Towne Center and another retail asset in Gilbert that is currently under contract for sale. As part of that structure, approximately $13.25 million of senior debt had been allocated to the Scottsdale property, which aligns with the amount of the new refinancing.
Scottsdale Towne Center is organized as 30 units across seven buildings and was originally constructed in 1995. The center’s multi-building configuration and high occupancy level underscore its role as a stabilized retail asset within the local market. While the article does not disclose the identity of the lender or the detailed loan terms beyond tenor and structure, the non-recourse feature and 12-month duration indicate a bridge-style senior financing.
Trident Capital Partners describes itself as a boutique real estate bridge lender that focuses on tailored senior-secured financing solutions for commercial real estate across the United States. In this transaction, the firm acted to secure replacement capital for the existing senior loan on Scottsdale Towne Center, enabling ownership to refinance out of a cross-collateralized structure tied to the pending sale of the separate Gilbert retail asset.
