Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $17 million permanent loan to refinance Magnolia Towne Center, a 133,000-square-foot grocery-anchored retail center offering 10-buildings located at 6033-6189 Magnolia Ave in the city of Riverside, Calif. The neighborhood center features a Ralph’s grocery store, Wells Fargo Bank, Restaurant, and professional services tenants. Ownership is currently in the process of leasing 27,000 square feet at the center, with retail specialists Strategic Real Estate Advisors (SRA) handling the assignment.

Gantry’s James Ruiz, Senior Director, with the firm’s Irvine production office secured the funding of behalf of the borrower, a private real estate investor. The 10-year, fixed rate, life company loan was provided by one of Gantry’s life company correspondents and features 30-year amortization and prepayment flexibility.

According to Gantry’s James Ruiz, "Neighborhood grocery-anchored retail space has remained a prioritized allocation for Gantry’s roster of life company correspondents and many other permanent debt capital sources. This is a well-managed property with experienced sponsorship that was facing a pending CMBS maturity while in the process of backfilling some space at the otherwise stabilized property. Conservative leverage, demonstrated performance, and professional management allowed Gantry to review this loan against several of our top lenders, ultimately landing on a fixed-rate permanent loan that met our client’s legacy investment goals. Notably, the borrower achieved an exceptionally low spread while successfully meeting its objective for cash out without a holdback, a testament to the strategic partnership between Gantry and our valued clients."