The Dallas-based Metropolitan Capital Advisors arranged a fixed-rate loan of about $1.7 million with a 10-year term through Lehman Brothers. The shopping center is about 80% leased and contains such clients as Nextel Communications, Subway, Cool Cuts 4 Kids and Panda Express. The center is situated in front of a Lowe's Home Improvement store.
Gilbert experienced a 410% population growth rate between 1980 and 1991, with the population steadily increasing each year. In the 2000 US Census, Gilbert had about 107,000 residents.
The loan arranger, Todd McNeill, a senior director, says he believes it's the first loan that MCA has negotiated in Arizona. He's also working on a deal in Marana, AZ. "I follow where my lenders want to go," he says. "Right now, they have some interest in the Arizona market.
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