Gantry, the nation’s largest independent commercial mortgage banking firm, has secured a $13.4 million construction loan to support the next phase of development at the Park 10 master-planned retail development in Avondale, a growing West Valley suburb of the Phoenix metropolitan area. Loan proceeds will fund construction of three retail buildings totaling 27,700 rentable square feet. This project represents the next phase of Park 10’s development.
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Gantry Principal Adam Parker, Senior Associate Chad Metzger, and Associate Andrew Christopherson with the firm’s Phoenix production office represented the borrower, a private real estate investor. The floating-rate construction loan was provided by a regional bank from Gantry’s vetted lender network, with terms structured to maximize sponsor proceeds and provide extension flexibility.
“Strong retail fundamentals in the Avondale market support the continued buildout at Park 10,” said Adam Parker, Principal at Gantry. “Having worked closely with the sponsor throughout the project’s development and capital strategy, we were able to identify a regional bank lender aligned with the project’s timing, fundamentals, and execution plan. Navigating several underwriting complexities, our team structured a financing solution that maximized loan proceeds for the sponsor.”
Gantry secures $8 million permanent loan to refinance Park 10 Main Event location
Gantry has secured an $8 million permanent loan to refinance maturing debt for a single-tenant retail property located within the master-planned Park 10 retail development in Avondale, a growing West Valley suburb of the Phoenix metropolitan area.
The 58,000-square-foot, stand-alone building is occupied by Main Event, an experiential family entertainment venue featuring bowling, laser tag, an obstacle course, and a variety of interactive games and attractions.
Gantry Principal Adam Parker, Senior Associate Chad Metzger, and Associate Andrew Christopherson of the firm’s Phoenix production office represented the borrower, a private real estate investor. The five-year, fixed-rate loan was provided by an insurance company lender from Gantry’s lengthy correspondent network and includes a 20-year amortization schedule. Gantry will service the loan on behalf of the lender.
“Gantry originated the original permanent construction takeout financing for this asset 10 years ago, providing us with deep familiarity with the property and its performance,” said Adam Parker, Principal at Gantry. “Strong site-level sales from Main Event, experienced sponsorship, and favorable retail fundamentals in Avondale supported lender confidence and enabled us to secure a fixed-rate insurance company financing with no loan covenants. Continued demand from our insurance company lenders allowed us to structure this cash-out refinance.”
