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6/02/23
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A new 40k sf retail building in the greater Phoenix area that is 100% leased to Mountainside Fitness, a health club operator with 19 Phoenix Region locations, has been financed with $7.65 million of construction-to-permanent financing. The property is situated within the Park 10 mixed-use project in Avondale, a West Valley suburb of Phoenix.
Park 10 is a 43-acre, master-planned project near major regional developments like Arizona Cardinals Football Stadium, Westgate Entertainment District, Phoenix International Raceway, and multiple major hospitals at the confluence of I-10 and the 101 Loop. When complete, Park 10 will encompass approximately 424k sf of mixed-use commercial space offering entertainment, hotels, restaurants, retail, and medical office uses.
The financing was arranged by Adam Parker and Chad Metzger with Gantry on behalf of the borrower, a private real estate investor. The five-year, fixed rate loan was arranged via a regional bank with deep ties to the Phoenix Region. The loan features an interest-only period during construction, transitioning to 25-year amortization.
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