Neighborhood Shopping Center Secures $17M Permanent Loan

Gantry secured a $17-million permanent loan to retire bridge financing for the Village Center neighborhood retail center located at 17900 Magnolia St. in Fountain Valley. The 93,000-square-foot inline retail center is anchored by Sprouts Farmers Market, Rite Aid, and Dollar Tree and other neighborhood-serving tenants.

Principals Braden Turnbull and George Mitsanas and associate Austin Ridge, all with the firm’s El Segundo production office, represented Paragon Commercial Group. The five-year, fixed-rate loan was placed with one of Gantry’s correspondent insurance company lenders and features-interest only terms across the life of the loan.

“Nothing has been easy to finance in the current market climate, but we have had great success at Gantry in funding loans for suburban grocery-anchored retail with our correspondent insurance companies,” said Turnbull. “For the sponsor of Village Center, a maturing bridge loan used to acquire and improve the property was refinanced with stable, long-term permanent debt. The sponsor is now stabilized for a legacy hold after working with Gantry to identify a viable structure to capitalize on the center’s improved performance and strong local market fundamentals.”