Destination Center Superstition Gateway Gets Refi of $77M
Desert Troon Companies recently refinanced Superstition Gateway, a destination shopping center in Mesa, AZ, with fixed-rate CMBS financing of $77.1 million. Consisting of 25 single-story buildings across Superstition Gateway East and Superstition Gateway West, the retail development features major tenants including Kohl’s, LA Fitness, AMC Theatres and Bed, Bath & Beyond.
KeyBank Real Estate Capital (KBREC) secured the loan and has been part of the center’s history since the initial 2006 construction loan. This investment was refinanced the following year with an $84.7 million 10-year CMBS loan to Desert Troon. A 2017 balance sheet loan was succeeded in 2018 by an $82 million non-recourse floating-rate bridge loan that facilitated an equity recapitalization. After initial discussions in March 2020 to refinance this bridge loan were delayed by the pandemic, the KeyBank team monitored the market and stayed connected with Desert Troon to await the current more favorable conditions. John Loshbaugh and Robert Ray of KeyBank structured the financing.
“You have Robert from the balance sheet side and John with permanent loan offerings collaborating to bring the breadth of KeyBank’s platform to our client,” says Andrew Lucca, KBREC western regional manager.
The center’s access to U.S. 60 and abundance of national tenants has made it a popular spot since its opening in 2007.
- ◦Financing