Grocery-Anchored Retail Center Secures $17M Refi

Gantry secured a $17-million permanent loan to refinance Magnolia Towne Center, a 133,000-square-foot grocery-anchored retail center located at 6033-6189 Magnolia Ave in Riverside. Senior director James Ruiz with Gantry’s Irvine production office secured the funding of behalf of the borrower, a private real estate investor. The 10-year, fixed rate, life company loan was provided by one of Gantry’s life company correspondents and features 30-year amortization and prepayment flexibility.

Ruiz said, “This is a well-managed property with experienced sponsorship that was facing a pending CMBS maturity while in the process of backfilling some space at the otherwise stabilized property. Conservative leverage, demonstrated performance and professional management allowed Gantry to review this loan against several of our top lenders, ultimately landing on a fixed-rate permanent loan that met our client’s legacy investment goals.”

The neighborhood center features a Ralph’s grocery store, Wells Fargo Bank, Restaurant, and professional services tenants. Ownership is currently in the process of leasing 27,000 square feet at the center, with retail specialists Strategic Real Estate Advisors handling the assignment.