Whole Foods Anchored Center in Sedona Secures Attractive Life Company Financing; Gantry’s Correspondents Target Grocery-Anchored, Neighborhood, and Power Center Retail
Sedona, Ariz. (October 24, 2024) – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $10.3 million permanent loan to refinance Old Marketplace, a 40,000-square-foot retail marketplace located at 1370-1420 W. Highway 89A in Sedona, Arizona. The marketplace is fully leased and is anchored by Whole Foods Grocers.
Gantry’s Tim Storey, Principal, and Chad Metzger, Senior Associate, with Gantry’s Phoenix production office, secured the financing for the borrower, a private real estate investor. The seven-year, fixed-rate, non-recourse loan features a 30-year amortization.
According to Gantry’s Tim Storey, “Grocery anchored retail continues to be one of the strongest performers of the current cycle and remains a favored allocation for a range of lenders, particularly Gantry’s extensive roster of life company correspondents. While Sedona is a secondary market, and therefore a challenge for some lender’s, our team was able to articulate Old Marketplace’s excellent historical performance, the city’s strong local market fundamentals, and the experience of the long-time sponsor responsible for the original development of the center to qualify this loan with one of our premier insurance company correspondents.”