Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured an $8.7 million permanent loan to refinance a shopping center in Tucson, Arizona. The 12.75-acre property, located at the NEC of Speedway Blvd and N Kolb Rd, is anchored by a 164,000-square-foot Lowe's. The center also includes two adjacent retail pads that are home to a popular local breakfast restaurant, a retailer, and a professional service office.

Gantry's Mark Ritchie, Principal, and Keegan Bridges, Associate, from the Los Angeles production office represented the borrower, a private Southern California-based real estate investor. They secured a 10-year, fixed-rate, non-recourse loan from a Gantry correspondent insurance company lender. The financing includes 30-year amortization and offers late-term prepayment flexibility, with Gantry acting as servicer.

According to Mark, “High-quality well-located retail continues to offer strong appeal for real estate investors and lenders alike. Several of our correspondent insurance companies recognized the value of this Lowes-anchored center and had strong interest in providing financing for this project. A great asset and very experienced ownership combined to allow for excellent terms, which provided our clients with a financing solution in line with their long-hold investment plans.” 

Keegan added that "We're seeing strong and consistent interest from our insurance company correspondents for retail properties. Beyond their typical interest in grocery-anchored centers, they are actively pursuing assets anchored by other major credit tenants such as Target, Walmart, Home Depot and Lowe’s."