Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $27.5 million bridge loan to refinance maturing debt for a component of the Spring Prairie Commons power retail center in Kalispell anchored by Kohls, Hobby Lobby, REI, Old Navy and HomeGoods. The 182,700-square-foot inline property is located at 2260 Highway 93 N within a master-planned development defining Kalispell’s regional retail district near the west entrance to Glacier National Park.

Gantry’s Joe Monteleone, Principal, and Rulin Dai, Associate, with the firm’s St. Louis production office represented the borrower, a private real estate investor. The variable rate, non-recourse bridge loan was secured from a national bank on Gantry’s extensive roster of vetted lenders and offers full-term interest only.

According to Gantry’s Joe Monteleone, “Retail assets remain strong performers in the current market cycle and Spring Prairie Commons is no exception. After achieving 100% occupancy of the major and minor anchor spaces at this inline component of the larger master planned center, maturing debt on the project was refinanced with a bridge loan optimized to support the property through to long-term stabilized performance.” 

“While retail continues to attract lender interest nationally, many are shy of lending into what some would consider a tertiary market,” continued Monteleone. “Kalispell, however, is a unique seasonal resort community located at the west entrance to Glacier National Park with improving year-round residential fundamentals due to post pandemic migration and lifestyle shifts. Gantry maintains a roster of lenders comfortable outside of the major MSA markets, helping us to optimize this loan with a lender that we identified able to get comfortable with the asset, experienced sponsorship, and local market dynamics.”