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PHOENIX – A 23,000-square-foot retail property in Phoenix called 38th Street Plaza has received a $3.1-million loan to refinance. The 17-tenant center was built in 1979. The non-recourse loan features a 10-year term and a 30-year amortization schedule. It was underwritten to a 75 percent loan-to-value. The cash-out refinance was arranged by Neal Churney and Don Burnes of Johnson Capital’s Phoenix office.