CBRE Capital Markets Debt & Structured Finance has secured $27.87 million in financing for The Shops at Gainey Village, a 138,444-square-foot grocery-anchored retail center in Scottsdale, Arizona.
Dana Summers, Steve Roth, Bruce Francis, Ryan Keiser and Shaun Moothart of CBRE originated the 10-year full-term interest-only debt at 3.00% on behalf of the borrower.
“Given the strong sponsorship and excellent location, the financing process was fiercely competitive, with many of our correspondent relationship lenders offering extremely lucrative bids for the sponsor,” said Summers. “The borrower ultimately selected a lender that provided not only the most competitive price and terms, but also proved to deliver certainty of execution during an extraordinarily challenging and volatile time in the market.”
Located at the southeast corner of Scottsdale and Doubletree Ranch roads at 8777 – 8989 N. Scottsdale Road, the retail center is situated on 14.3 acres. The property was built in 2001 with 100 percent shop space. It underwent a partial renovation and repositioning in 2018 that included the addition of grocery space that is now occupied by Sprouts Farmers Market. In 2019, the property became fully leased with the addition of several tenants, including Stretch Lab, IYA Rejuvenation Center, POSH Shop and Kaleidoscope.
