CBRE announced the arrangement of $15M in refinancing for Hayden Peak Crossing, a 144,868 SF grocery-anchored shopping center at the SEC of Hayden Rd. and Thompson Peak Parkway in Scottsdale.
Working on behalf of a single purpose entity controlled by Pederson Group, Inc., CBRE placed a permanent loan with Nationwide Life Insurance Company, a CBRE correspondent lender. The CBRE team representing the borrower included Rocco Mandala, Brad Miner and Brett Behnke.
“We are pleased to have secured market leading financing for this asset in terms of loan-to-value, interest rate, and interest-only payments,” Mandala said. “Pederson’s wide array of shopping centers feature upscale and enjoyable environments for shoppers as well as high-profit opportunities for its growing assortment of retail tenants.”
“Hayden Peak is an asset that we intend to hold for a long period of time,” said Jeff Manelis, President of Pederson Group. “We were looking for a flexible financing vehicle to take advantage of the historically low interest rate environment. CBRE listened to our objectives and provided us with a great product from Nationwide.”
Situated on a 19-acre site, Hayden Peak Crossing is grocery-anchored by Fry’s Signature Marketplace and was 100% occupied at the time of the transaction. In addition to Fry’s, the shopping center includes a mix of 31 local and national tenants including Bank of America, Jack in the Box, and Starbucks.
Hayden Peak Crossing is an upscale neighborhood shopping center that is anchored by a very successful Fry’s Signature Supermarket. The center – developed and managed by The Pederson Group — has emerged as one of north Scottsdale’s most vibrant neighborhood shopping centers.
The 5-year-old center offers a variety of retail tenants, including Heidi’s Boutique, Classy Jazzy, Body Lab, The Pilates Society, Sumit’s Yoga and a wide assortment of sit-down and fast-casual restaurants, including Local Bistro, Pure Sushi, Tavern Americana, The Good Egg, Juan Jaime’s Tacos and Tequila and Starbuck’s.