Gantry has secured a $53.4 million permanent loan to retire construction debt for the first phase of a multi-phase retail project. The company secured the funding on behalf of the borrower, a private real estate investor. The 7.5-year, fixed rate loan was placed with an institutional global financial services firm.

The retail project, The Village at Prasada, a 700,000-square-foot retail power center, is located at the intersection of Waddell Rd and Loop 303 in Surprise, Ariz., on the outskirts of Phoenix. Phase One of Prasada encompasses 308,640 square feet and is currently 100% leased to a total of 31 tenants, with major anchors including Sprouts, Ross, HomeGoods, Marshalls, ULTA Beauty, Total Wine, PetsMart, TJ Maxx, and Floor & Décor.

Gantry’s Tim Storey added, “Retail, like multifamily, industrial, and self storage, continues to shine as an asset class worthy of the best rates currently available in today’s capital markets.”