Wilmot Plaza Retail Center in Tucson Gets Recapitalized for $34M
Gantry recently secured $34 million to recapitalize the Wilmot Plaza destination retail center for a legacy-hold operator. The 140,000-square-foot center features a mix of national credit tenants and is located within Tucson’s main retail corridor.
Gantry’s Tim Storey, principal with the firm’s Phoenix production office, secured the loan on behalf of the borrower, DSW Commercial Real Estate. The 10-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,” says Storey. “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. After reviewing several competitive loan options against the sponsor’s 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 10-year loan.”
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.