Gantry secured a $12.8-million bridge loan to retire existing financing and fund a strategic leasing and improvement program at the Carson Plaza retail power center in Carson. Director Murphy Osborne and associate Joe Foley secured the loan on behalf of a private real estate investor.
The bridge loan, featuring interest-only terms and prepayment flexibility, was secured through one of Gantry’s pre-vetted debt fund lenders specializing in value-add project lending.
Osborne said, “The sponsor for Carson Plaza is seizing an opportunity to re-tenant vacancies and revitalize the overall center in a strategic program that will unfold into 2025. The bridge loan funding offered immediate access to the capital necessary to finalize tenant agreements for an anchor and junior anchor space, strategically meeting an expedited timeline at a cost well below the property’s future stabilized debt service capacity.”
The 80,838-square-foot inline center supports 30 tenant spaces, including anchor and junior anchor spaces currently in lease-up.