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The Haagen Company Refinances AZ Power Center with New Loan for $29 Mil

7/08/24

The Haagen Company obtained a $29.2 mil permanent loan to refinance Goodyear Centerpointe, a 320k sf retail power center in Goodyear, AZ, a suburb of Phoenix. The center, located at 15277-15475 W. McDowell Rd, features an inline anchor building, two out-parcel buildings and a series of free-standing pad sites.

Major tenants at Goodyear Centerpointe include Connís Appliances, EOS Fitness, Urban Air, Hobby Lobby, Turnerís Outdoorsman, Goodwill Industries and a wide range of casual restaurant, fast food, and professional services tenants including optometry and beauty.

Braden Turnbull, Patrick Barkley, Chad Metzger and Alicia Sabanero with Gantry arranged the 20-year, fixed rate loan through a life insurance company. The loan terms included a 20-year amortization and a prepayment stepdown after 10-years.

According to Turnbull, the assignment required them to refinance the property with a new loan that would meet an evolving plan for a legacy hold. The desired loan also needed to provide a return on capital, reflecting the assetís increased value from nearly a decade of successful operations.




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