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5/20/16
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CIRE Equity has obtained $14.3 mil in financing for the acquisition and repositioning of Val Vista Towne Center, a 94k sf shopping center located in Gilbert, AZ. Seth Grossman and Sarah Kuebler of Meridian Capital Group arranged the loan.
Val Vista Towne Center is anchored by Petco, Ross Dress For Less and Staples. There is also a Target on site that is not part of the loan collateral.
Located at 1395 East Warner Rd, at the intersection of South Val Vista Dr, the property is surrounded by numerous residential subdivisions including Western Skies Estates and Golf Club. The Santan Freeway is also in close proximity allowing for easy access in and around greater Phoenix.
The five-year loan, provided by a mortgage REIT, features a future funding component for a value-add renovation, full-term interest-only payments during the initial three-year term and two one-year extension options.
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