Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $42.2 million permanent loan to refinance the Redondo Shores Shopping Center in Redondo Beach, a coastal Los Angeles County suburb. Located at 401-417 N. Pacific Coast Highway, the grocery-anchored center serves a vibrant coastal community at a high barrier to entry location offering 107,000 square feet of recently renovated retail space.

Major anchors include a Whole Foods, Michaels, Centinela Feed & Pet Supplies, and a range of restaurant, health, beauty, bank and professional service tenants. The recently completed $6 million center-wide repositioning embraces a modern, ocean influence, and included a complete overhaul of the facade, colors, and signage, as well as upgraded landscaping.

Gantry’s Braden Turnbull, Principal, and Claire Jones, Associate, with the firm’s Los Angeles (El Segundo) production office represented the borrower, Haagen Redondo LLC, the property owner and an affiliate of Haagen Company LLC, which manages Redondo Shores Shopping Center. The 10-year, fixed rate, non-recourse loan was secured through Gantry’s exclusive insurance company correspondent network. Gantry will service the loan for the lender.

According to Gantry’s Braden Turnbull, “After a strategic renovation on a legacy hold asset, Redondo Shore’s long-time sponsor was ready to recapitalize the center in a strategic fashion. Improvement to the post-volatility rate climate and the substantial amortization of the existing debt Gantry placed nearly a decade ago allowed us to align a favorable long-term structure with an attractive fixed rate and substantial proceeds. Sustained performance from grocery anchored, neighborhood retail continues to attract competitive financing options from a range of lenders, including Gantry’s extensive network of life companies. This loan for a superior asset went to one of our top correspondents with competitive underwriting reflecting recent enhancements, performance metrics and land value.”