CBRE secures financing for centers in Scottsdale, Gilbert
Posted 11/14/23
CBRE has secured $88 million in financing for two power centers located in the Phoenix metro: Gilbert Gateway Towne Center and Scottsdale Towne Center, comprised of approximately 432,068 total sq. …
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BUSINESS
CBRE secures financing for centers in Scottsdale, Gilbert
Submitted photo/CBRE
CBRE Capital Markets' Debt and Structured Finance’s Bruce Francis, Shaun Moothart, Doug Birrell, Bob Ybarra, Nick Santangelo and Jim Korinek secured a finance loan for two power centers: Gilbert Gateway Towne Center, pictured, and Scottsdale Towne Center.
Posted
CBRE has secured $88 million in financing for two power centers located in the Phoenix metro: Gilbert Gateway Towne Center and Scottsdale Towne Center, comprised of approximately 432,068 total sq. ft. and currently leased to 67 tenants, which includes a variety of national and regional retailers.
Shaun Moothart, Bruce Francis, Bob Ybarra, Doug Birrell, Nick Santangelo and Jim Korinek with CBRE's Capital Markets Debt and Structured Finance team secured the non-recourse financing, which consisted of $81 million of senior debt and $7 million in subordinate mezzanine debt. The senior and mezzanine loans were coterminous with fixed interest rates for five years. The financing was structured on an interest-only basis for the entire five-year term to maximize the cash flow.
Located at 4900 – 5052 S. Power Road in Gilbert, and shadow anchored by a Super Target and Gilbert Gateway Towne Center, it is 263,978 sq. ft. and includes tenants like Ross, Petsmart, Michaels and Cost-Plus World Market.
Scottsdale Towne Center is also in the shadow of a Target, located at 1544 N. Frank Lloyd Wright Blvd. with tenants that include TJ Maxx, Ross and the newly developed Mountainside Fitness Health Club. Both Class A assets were developed and continue to be managed by Vestar, a nationally recognized leader in retail real estate.
