November 15, 2021
The nearly 140,000-square-foot center features a mix of national credit tenants and is located within Tucson’s main retail corridor, near the Park Place Mall and a concentration of other destination retail centers fronting Broadway Blvd.
Wilmot Plaza in Tucson Features Range of National Credit Tenants Including Dick’s Sporting Goods, Nordstrom Rack, TJ Maxx and Others; Bank Loan’s Superior Terms Underscores Strength of Current Retail Lending Climate for High Quality, Well Managed Centers with Right Tenant Mix
Tucson, Ariz. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $34 million to recapitalize the Wilmot Plaza destination retail center in Tucson, Ariz. for a legacy-hold operator. The nearly 140,000-square-foot center features a mix of national credit tenants and is located within Tucson’s main retail corridor, near the Park Place Mall and a concentration of other destination retail centers fronting Broadway Blvd.
Gantry’s Tim Storey, Principal, and Chad Metzger, Senior Associate, with the firm’s Phoenix production office secured the loan on behalf of the borrower, DSW Commercial Real Estate. The ten-year loan was placed with a national bank and featured a competitive fixed rate, reflecting the favorable interest rates available to qualifying retail assets in the current market cycle. Originally acquired in 2016, the new funding replaced DSW’s maturing original acquisition loan.
“Contrary to many expectations early in 2020, well-positioned retail has performed consistently post-pandemic, particularly in the secondary and suburban MSA markets of Arizona. The strong performance of assets such as Wilmot Plaza that feature popular, nationally recognized credit tenants has motivated a healthy and competitive financing marketplace for such assets. Wilmot Plaza also benefits from superior and attentive sponsorship with a proven history of performance, another critical element for underwriting in the current market cycle. Gantry works with a spectrum of bank, life company and CMBS lenders seeking qualifying retail property for their allocations. After reviewing several competitive loan options against the sponsors investment goals, we were able to identify the best structure for the asset to meet those goals. In this instance, a bank lender was selected as the best option for the superior rate, terms and ease of underwriting, meeting DSW’s legacy hold goals with a ten year loan.”