Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $10 million permanent loan to refinance Metroplex Plaza, a 105,000-square-foot grocery anchored retail center located at the intersection of W. Airport Freeway and N. Story Road in Irving, Texas. The property recently completed a repositioning centered around the opening of a Joe V’s Smart Shopp location, an H-E-B family of companies value-oriented grocery concept. Other center tenants include a mix of restaurant, needs based retail, and professional service tenants.

Gantry’s Mark Ritchie, Principal, and Austin Ridge, Director, with the firm’s Los Angeles (El Segundo) production office represented the borrower, a private real estate operator. The 10-year, fixed rate loan was provided by one of Gantry’s correspondent life company lenders, which successfully closed the loan in 25 days. Gantry will service the loan.

According to Gantry’s Mark Ritchie, “This loan is for an experienced sponsor and long-term Gantry client to replace maturing debt, in the final phase of a successful repositioning. With Joe V’s Smart Shop recently opening on November 21st, the center now benefits from a top-tier anchor tenant, further enhancing its position in the neighborhood. After careful review of several options, the selected loan at low leverage offered an attractive rate, non-recourse terms, 30-year amortization, and a seamless closing to meet a maturity deadline.”