Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured an $8 million permanent loan to retire bridge financing for the Wilmot Place retail center located at 6228-6270 E. Broadway Road in Tucson on the southwest corner of of Broadway Road and Wilmot Road. The 61,329-square-foot property occupies a prime location on the Wilmot Corridor, a prime Tucson retail zone.  The center is anchored by tenants including Ross, BevMo! and Dollar Tree.  

Gantry’s Tim Storey, Principal, and Chad Metzger, Senior Associate, secured the funding on behalf of the borrower, DSW Commercial. The 10-year, non-recourse, fixed rate CMBS loan was placed with an institutional investment banking firm and features interest only terms for the first five years. 

According to Gantry’s Tim Storey, “Retail’s strong performance continues to provide multiple lender options for borrowers refinancing maturing debt at performing properties. For borrowers seeking to maximize proceeds through leverage, a CMBS execution can provide a stable, fixed rate, non-recourse option against other competitive programs. We reviewed this loan for DSW across several relevant sources before identifying the best terms with one of the nation’s premier investment banking institutions. Even in a volatile rate climate, loan closing was smooth and delivered on the desired proceeds at the best available rate.