LOS ANGELES-A joint venture between Fountain Capital and Cheney & Mathes Properties has secured $41.6 million in financing to acquire 16 shopping centers. The shopping centers were built between 2003 and 2009 and each is located across from a Walmart Supercenter.

The 10-year, fixed-rate, non-recourse loan was obtained through Goldman Sachs Mortgage Co. “Goldman Sachs spent a good amount of time and effort underwriting the deal on the front-end, and as a result, was able to provide the most favorable debt terms for the borrower,” says Scott Lewis, SVP at CBRE's Dallas office, who secured the loan for the joint venture. “Both the lender and borrower did a great job working together to get this portfolio closed.”

The portfolio totals 417,000 square feet and is 96% leased. Dollar Tree, Cato and Hibbett Sports are among the major tenants, with occupancies in multiple center locations. “The borrower took advantage of the opportunity to acquire a portfolio of well-performing and geographically diverse assets,” Lewis says. The 16 shopping centers are located in 10 states with multiple sites in Texas and Illinois.