May 12, 2020
CBRE Capital Markets Debt & Structured Finance secured $27.87 million in financing for The Shops at Gainey Village, a 138,444-square-foot grocery-anchored retail center in Scottsdale. Dana Summers, Steve Roth, Bruce Francis, Ryan Keiser and Shaun Moothart originated the 10-year full-term interest-only debt at 3% on behalf of the unnamed borrower.
“Given the strong sponsorship and excellent location, the financing process was fiercely competitive, with many of our correspondent relationship lenders offering extremely lucrative bids for the sponsor,” said Summers.
Located at Scottsdale and Doubletree Ranch roads, at 8777 to 8989 N. Scottsdale Rd., the 100%-leased retail center is situated on 14.3 acres. The property was built in 2001 with all shop space. It underwent a partial renovation and repositioning in 2018 that included the addition of grocery space that is now occupied by Sprouts Farmers Market.
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