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MESA, ARIZ. — Gantry has arranged a $38 million permanent loan for the refinancing of Mesa Grand, a 224,000-square-foot regional power center located in Mesa, roughly 19 miles east of Phoenix. Tenants at the center include Famous Footwear, Burlington Coat Factory, Michaels, Dollar Tree, Texas Roadhouse, Starbucks Coffee, Chili’s and Crunch Fitness, which will open soon.
Tim Storey, Chad Metzger and Andrew Christopherson of Gantry represented the borrower, a private investor. An institutional balance sheet lender provided the five-year, fixed-rate loan, which features full-term interest-only payments with cash-out proceeds. Gantry will act as subservicer for the lender.