February 13, 2024
Sponsor of Citrus Landing in Riverside Buys-Out Equity Partner to Take 100% Control of Grocery-Anchored Retail Asset; Gantry Continues to Source Attractive Loan Options for Performing Retail
Riverside, Calif. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $12.8 million permanent loan to fund the recapitalization of a 99,000-square-foot grocery anchored retail property within the Citrus Landing retail center. Located at 7200 Arlington Ave. in Riverside, Calif., the subject asset is anchored by Stater Bros, AutoZone, and Ross. The master-planned center also includes six retail pads on separate legal parcels that feature a mix of national fast food tenants, a local credit union, and a car wash.
Gantry’s Braden Turnbull, Principal, George Mitsanas, Principal, and Austin Ridge, Associate, with the firm’s Los Angeles (El Segundo) production office secured the financing on behalf of the borrower, a private real estate entity. The five-year loan was provided by one of Gantry’s correspondent life company lenders and features an attractive fixed-rate, interest-only payments, and pre-payment flexibility in years four and five.
According to Gantry’s Austin Ridge, “The sponsor of the center’s recent redevelopment had reached a point in its original investment proforma that prompted an equity partner’s desire for redemption and returns. The fully stabilized center now features a mix of top-tier national and regional retailers driving traffic to what is a high-performing center. Working with this experienced sponsor, we worked diligently to find the right financing source from our roster of correspondents to provide the loan on the center’s primary property housing its flagship anchor tenants. For all their success at Citrus Landing, sponsorship was rewarded with an interest-only, fixed rate loan with ample prepayment flexibility and maximized proceeds, resulting in a win-win-win for lender, sponsor, and retiring equity partner.”