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Mesa, Ariz. — Gantry has secured a $38 million permanent loan to refinance maturing debt for Mesa Grand, a 224,000-square-foot regional power center located in Mesa, roughly 19 miles east of Phoenix. Tenants at the center include Famous Footwear, Burlington Coat Factory, Michaels, Dollar Tree, Texas Roadhouse, Starbucks Coffee, Chili’s and Crunch Fitness, which will open soon.
Tim Storey, Chad Metzger and Andrew Christopherson of Gantry represented the borrower, a private real estate investor. An institutional balance sheet lender provided the five-year, fixed rate loan, which features full-term interest-only payments with cash-out proceeds. Gantry will act as subservicer for the lender.