Gantry Arranges $38M Refinance for Mesa Grand Retail Center in Mesa

Mesa Grand, a 224,000-square-foot regional power center in Mesa, Arizona, has been refinanced with a $38 million permanent loan arranged by Gantry. According to Shopping Center Business, the financing was used to refinance maturing debt at the retail property, which sits roughly 19 miles east of Phoenix.

The borrower was identified only as a private real estate investor. Gantry’s team on the assignment included Tim Storey, Chad Metzger and Andrew Christopherson, who represented the borrower in securing the financing.

Mesa Grand’s tenant roster includes Famous Footwear, Burlington Coat Factory, Michaels, Dollar Tree, Texas Roadhouse, Starbucks Coffee and Chili’s. The source also said Crunch Fitness will open soon at the center.

Key Details

Gantry secured the financing through an institutional balance sheet lender. The loan carries a five-year term and a fixed interest rate. It also includes full-term interest-only payments and cash-out proceeds.

In addition to arranging the debt, Gantry will serve as subservicer for the lender.

The transaction was a refinancing rather than a sale, with the proceeds replacing maturing debt on the property. No purchase price, prior loan details or ownership timeline were disclosed in the source.

Mesa Grand is described in the source as a regional power center in Mesa. The East Valley city is part of metro Phoenix, and the property’s location places it within one of the region’s major suburban retail corridors.

Why It Matters

For commercial real estate professionals, the deal is a notable example of permanent financing being placed on an existing retail asset as prior debt comes due. Transactions like this can be important signals for owners monitoring refinancing options in a market where loan structure, term and proceeds remain central to capital strategy.

The loan terms also stand out. A five-year fixed-rate structure with full-term interest-only payments may offer the borrower added flexibility, while cash-out proceeds can provide capital beyond simply retiring existing debt. For lenders and borrowers alike, refinancing activity at established retail centers remains a closely watched part of the broader market, particularly when assets have nationally recognized tenants and long-term operating plans.

While the source did not disclose additional leasing or performance details, the financing underscores continued lender participation in retail refinancing for well-defined assets in major metropolitan areas such as metro Phoenix.