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Shoppes at Toringdon

Charlotte, NC





May 16, 2024



South Charlotte Asset 100% Leased to Three Tenants at Location within Toringdon Circle Hotel, Restaurant, Professional Service, and Convenance District; Life Company Loan Meets Sponsor’s Legacy Plans for Long-Term Hold

Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $2.1 million permanent loan to refinance the Shoppes at Toringdon, an inline retail building located at 12194 Johnston Rd in Charlotte. The 8,000-square-foot building sits on approximately 1.6-acres of land and is occupied by three tenants, including a specialty bicycle shop, eye doctor, and a major-carrier cellular phone storefront. The Shoppes is located within the Toringdon Circle retail community featuring restaurants, medical offices, specialty retailers, and two upper-tier moderate class hotels.

Gantry’s Tim Storey, Principal, Casey Kupferberg, Associate, and Chad Metzger, Senior Associate, with the firm’s Phoenix production office secured the loan on behalf of the borrower, a private real estate investor. The five-year, fixed rate loan was provided by one of Gantry’s insurance company correspondents and features 30-year amortization.

According to Gantry’s Chad Metzger, “Gantry’s production teams continue to source a variety of competitive loan options from a broad range of debt capital sources for retail property financings in what remains a volatile rate climate. Each program offers differing appeals for our neighborhood retail and grocery-anchored center sponsor-clients. While the mainly independent yet credit-sound tenants at the location demonstrated strong historic performance, Gantry was also careful to articulate the property’s strong local fundamentals and strategic location during the underwriting process. After diligent analysis of five relevant options, the life company loan ultimately selected for the Shoppes resulted in an optimized structure for the sponsor, providing maximum proceeds aligned with an attractive fixed rate for the cycle meeting our client’s legacy investment goals.”

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