Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured an $8.7 million permanent loan to refinance a shopping center in Tucson.
The 12.75-acre property, located at the northeast corner of Speedway Blvd and N Kolb Rd, is anchored by a 164,000-square-foot Lowe’s. The center also includes two adjacent retail pads that are home to a popular local breakfast restaurant, a retailer and a professional service office.
Gantry’s Mark Ritchie, Principal, and Keegan Bridges, Associate, from the Los Angeles production office represented the borrower, a private Southern California-based real estate investor. They secured a 10-year, fixed-rate, non-recourse loan from a Gantry correspondent insurance company lender. The financing includes 30-year amortization and offers late-term prepayment flexibility, with Gantry acting as servicer…