Los Angeles, CA
January 19, 2016
George Mitsanas, a Principal of Gantry, has arranged permanent financing in the amount of $41,500,000, with a 10 year term, amortized over 30 years, for the Wilshire Union Shopping Center. Mr. Mitsanas worked on an exclusive basis to arrange the financing with a correspondent life company. He also assisted with the construction financing during the late 1990s and arranged the previous permanent loan in 2001.
The subject property is a 213,000 square foot seasoned retail center generating store sales at the top of their respective chains. The subject is anchored by Home Depot, Food-4-Less and Rite-Aid. Some strengths behind the property are its excellent occupancy history and experienced LA based private borrower. The retail center is located on Wilshire Boulevard, just west of downtown Los Angeles. Arguably, the location is one of most dense neighborhoods in Los Angeles. Gantry will service this loan.
Over the past two decades, Mr. Mitsanas has arranged a wide variety of retail transactions including construction, permanent and joint ventures for single tenant, strip centers, neighborhood centers, power centers, community centers and regional malls.