PHOENIX—CBRE capital markets' debt and structured finance team arranged $46.4 million in CMBS debt in three major transactions across the Western US. The transactions include: The Grove, located at 365 W. Craig Road in Las Vegas; Villa Encanto, located at 4315 E. Thunderbird Road in Phoenix, Arizona; and Gander Mountain Company located on E. Interstate 20 in Arlington, TX.
Bruce Francis and Dana Summers of CBRE's Phoenix office, Shaun Moothart of CBRE's Newport Beach office, and Robert Ybarra of CBRE's Las Vegas office, arranged the financings.
“Our team closed all three transactions over the course of a week when CMBS credit spreads widened across the board. This was an extremely difficult and sensitive time in the market, where the simultaneous rally in the treasury markets helped to soften the impact of spread widening. We navigated the volatility with our clients and were able to successfully maintain lower all-in rates at closing than were quoted at loan application on each of the three transactions, says Moothart, vice president, debt and structured finance, CBRE”
The Grove—North Las Vegas
The Grove is a 54,490-square-foot, single-story retail shopping center located at 365 W. Craig Rd. in north Las Vegas. CBRE team arranged $11.6 million in acquisition financing for High Valley VI, LLC, a 1031 exchange buyer. The long-term, fixed-rate loan was funded through Goldman Sachs Mortgage Company. Built in 2006, The Grove shopping center is situated on 5.3 acres within a commercial corridor located along Craig Road in North Las Vegas. The multi-tenant retail center was 90 percent leased at time of sale.
Villa Encanto—Phoenix
Villa Encanto is a 385-unit multifamily asset located at 4315 E. Thunderbird Rd. A multi-family investment company based in Rancho Santa Fe, CA paid $34.2million to purchase the apartment complex. CBRE arranged $25.7 million in financing from GS Commercial Real Estate LP, a limited partnership formed by Goldman Sachs & Co. in Irving, TX, on behalf of the borrower, a company formed by CVG Properties, Inc. of Rancho Santa Fe.
Gander Mountain—Arlington, TX
The property is a single-tenant, newly constructed, build-to-suit retail property for Gander Mountain Company and is located on E. Interstate 20 in Arlington. CBRE arranged $9.1 in acquisition financing for the $13 million purchase of the retail property by a New York City-based private investor. The 10-year, fixed-rate loan was arranged through an undisclosed CMBS lender. Gander Mountain is the nation's largest retail network of outdoor specialty stores specializing in shooting sports, hunting, fishing, camping, marine, apparel and footwear.
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