Property Type Retail
Financing Type Permanent
Date January 30, 2018
Located along the Imperial Highway, just 17 miles southeast of downtown Los Angeles, the asset benefits from its high traffic location, which is within a densely populated in-fill area with very limited direct retail competition.
JANUARY 24, 2018
NORWALK, CA – Gantry has arranged permanent financing in the amount of $15,000,000 for Paddison Square, a 118,000 square foot community shopping center in Norwalk, CA. Located along the Imperial Highway, just 17 miles southeast of downtown Los Angeles, the asset benefits from its high traffic location, which is within a densely populated in-fill area with very limited direct retail competition. At close, this diverse retail center was 98% occupied, which includes numerous national and regional tenants like 99 Cent Only, O’Reilly Auto Parts, and Applebee’s.
Braden Turnbull, Jeff Wilcox, and Robert Slatt, Principals of Gantry, along with Jasmine Polson and Erinn Cooke, Associates, worked exclusively with the borrower to arrange the 12-year, non-recourse financing with a correspondent lender, which will be serviced with Gantry. Pricing and other terms were not disclosed.
Gantry, a privately held company based in San Francisco, is a full service mortgage banking firm with an extensive lineup of correspondent lenders utilizing Gantry’s production, closing and servicing capabilities. Established in 1991, Gantry is currently staffed by over 70 employees in regional offices throughout the western United States. The company’s national servicing platform of over $10 billion represents over 1,200 loans located in 40 states. Gantry is rated as a Primary Servicer by Standard & Poor’s and is one of a select few non-banking/non-insurance chartered companies with this designation.