Two Retail Properties
Beverly Hills, CA
January 10, 2017
Gantry has arranged permanent financing totaling $21,900,000 for a 38,665 square foot free-standing Whole Foods grocery store in Mar Vista and a 25,496 square foot four-building retail portfolio in Beverly Hills.
The total financing includes two separate loans consisting of an $8,600,000 loan on the Whole Foods grocery store and a $13,300,000 loan on the retail portfolio in Beverly Hills. Both loans were refinances. Sales are strong at this particular Whole Foods location in the Mar Vista neighborhood of Los Angeles, which has an average household income in the surrounding trade area in excess of $100,000. The four-building retail portfolio is located in the premiere Beverly Hills retail market with some of the strongest demographics in the country with median home prices in excess of $1 million.
Working on an exclusive basis, George Mitsanas, Principal, and Doug Tisdale, Associate, in Gantry’s Los Angeles office, arranged the fixed-rate, non-recourse financing for the borrower, a Beverly Hills based developer. The 15-year loans, which amortize over a 30-year schedule, were placed with one of Gantry’s correspondent life insurance company lenders. Gantry will also service the loans.