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Gilbert Center Stakes $1.7M-Plus Loan

GILBERT, AZ-Maly Commercial Realty leverages the 10-year loan with a 10,000-sf retail center in Gilbert. Dallas-based Metropolitan Capital Advisors marks its first Arizona transaction with the Lehman Brothers financing.

By Dan Heaton | Updated on September 17, 2003

GILBERT, AZ-Metropolitan Capital Advisors has arranged financing for a 10,000-sf retail center in a fast-growing Phoenix suburb bordering Mesa and Tempe. The borrower was Maly Commercial Realty, the parent company of Aspen-Gilbert LLC, which owns the center at the corner of South Gilbert and Warner roads, about 3.5 miles south of US Highway 60.

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.

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