Dealmaker: Gantry Secures $34 Million To Recapitalize Arizona Retail Center

Gantry, San Francisco, secured $34 million to recapitalize the Wilmot Plaza destination retail center in Tucson, Ariz. for a legacy-hold operator.

The nearly 140,000-square-foot center features a mix of national credit tenants and is located within Tucson’s main retail corridor, near the Park Place Mall and a concentration of other destination retail centers fronting Broadway Blvd.

Tim Storey, Principal with Gantry, and Chad Metzger, Senior Associate 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.

Wilmot Plaza in Tucson Features a range of national credit tenants, including Dick’s Sporting Goods, Nordstrom Rack and TJ Maxx.

“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,” Storey said. “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. 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.”