Dealmaker: Gantry Secures $17M to Recapitalize Grocery-Anchored Retail Center

(Photo courtesy of Gantry)

Gantry, San Francisco, secured a $17 million permanent loan to retire bridge financing for Village Center, a neighborhood retail center located at 17900 Magnolia Street in Fountain Valley, Calif.

The 93,000-square-foot in Orange County inline retail center is anchored by Sprouts Farmers Market, Rite Aid and Dollar Tree. Other tenants include a range of professional services, fast food purveyors, and local restaurants.

Gantry Principals Braden Turnbull and George Mitsanas and Associate Austin Ridge with the firm’s Los Angeles production office represented borrower Paragon Commercial Group.

A life company supplied the five-year fixed-rate loan with interest-only terms for 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,” Turnbull noted. “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.”