Phoenix, Ariz. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $7.5 million permanent loan to refinance Sun Shadow Square, a neighborhood retail center located at 10050 W. Bell Road in Sun City, a Metro Phoenix suburb. The 84,000-square-foot, multi-tenant, retail center occupies an 8.84-acre site, featuring 32 tenants across a range of services and retailers, including Ace Hardware, H&R Block, Archwell Health, and others.

Gantry’s Tim Storey, Principal, with the firm’s Phoenix production office secured the financing on behalf of the borrower, a private real estate entity. The 10-year loan was sourced from one of Gantry’s correspondent life company lenders at an attractive fixed rate, locked at application.

According to Gantry’s Tim Storey, “The strong performance of neighborhood retail centers post COVID has given the asset class a positive reputation with our correspondent life company lenders. In this case, the existing loan on the property was a performing CMBS loan that had reached maturity.  With current rate volatility and the substantial documentation required by CMBS loans, our life company lenders offered an appealing cost of capital with the benefits of a locked rate at application and streamlined application process. Our clients appreciate the stability and certainty of close our correspondents offer. And for our correspondent lenders, performance is key. So is active management. At Sun Shadow Square, attentive sponsorship, strong occupancy, and requisite cash flow meeting required debt service coverage thresholds got us to an attractive rate and structure to stabilize this property for a continued legacy hold.”