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8/15/23
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Wood Investments Companies Inc has secured $39.1 mil in permanent loans for two prominent shopping centers in the Boise metropolitan area: Gateway Marketplace and CentrePoint Marketplace. Both shopping centers, situated in the thriving city of Meridian, received refinancing, further bolstering their ongoing growth and continued success.
Gateway Marketplace
Gateway Marketplace shopping center was refinanced with a $16.5 mil permanent loan. Tim Winton with Keystone Mortgage Corporation arranged the financing from Voya Investment Management LLC, at a fixed 5.78% rate for five years.
Gateway Marketplace is a 135.7k sf, grocery-anchored shopping center situated on 16.16 acres. It was 100% leased at the time of the closing. Gateway Marketplace features a diverse tenant mix, including a new 42.2k sf PGA Tour Superstore, Trader Joe's, Mecca Gym, Land Ocean restaurant, Chili's Grill & Bar, Le Peep restaurant, Mathnasium, and Orange Theory Fitness.
Wood Investments Companies acquired the Trader Joe's-anchored shopping center in November 2021, when it was approximately 40% leased. Since then, the company has been successful in signing over 80k sf of new leases.
CentrePoint Marketplace
CentrePoint Marketplace, located across the street from Gateway Marketplace, received refinancing in the amount of $22.6 mil from RGA ReCap LLC. The loan is fixed at a rate of 6.02% for a 10-year term and, similar to Gateway Marketplace, CentrePoint Marketplace, achieved full occupancy of 100% at the time of loan closing. The financing was arranged by the team of Greg Richardson with Walker & Dunlop.
Spanning 197.3k sf, CentrePoint Marketplace is a thriving community shopping center anchored by Kohl's, Hobby Lobby, Dick's Sporting Goods, and Walgreens. The center also hosts popular food tenants, including Qdoba Mexican Eats, Panera Bread, and Wingers Restaurant & Alehouse.
Both CentrePoint Marketplace's and Gateway Marketplace’s strategic location offers easy access to big-box retailers like Lowe's, schools, parks, local businesses, medical care, and other attractions, making the two shopping centers a prime shopping destination in the region.
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