Gantry has completed a $38 million refinancing of a major retail property in the Phoenix metropolitan area, arranging a permanent loan to replace maturing debt on Mesa Grand. The transaction covers a 224,000-square-foot power center located in Mesa, roughly 19 miles east of central Phoenix. The financing was structured as a permanent, five-year, fixed-rate loan intended to stabilize the capital structure for the property while providing the borrower with cash-out proceeds.
Aerial view of the Metro Phoenix power center showing a linear strip of retail and surface parking; Gantry arranged a $38 million refinancing for the 224,000-square-foot property.
Mesa Grand is occupied by a mix of national retailers and restaurant tenants. The roster of occupants includes Famous Footwear, Burlington Coat Factory, Michaels, Dollar Tree, Texas Roadhouse, Starbucks Coffee and Chili’s, with Crunch Fitness noted as a tenant that will be opening soon. The center’s tenant lineup reflects a cross-section of retail and dining concepts that anchor the property’s position within the local retail market.
The loan was provided by an institutional balance sheet lender and carries a five-year term at a fixed interest rate. According to the transaction details, the loan features full-term interest-only payments and includes cash-out proceeds to the borrower. In addition to arranging the financing, Gantry will serve as subservicer for the lender on the loan, providing ongoing servicing support through the term of the financing.
Representing the borrower in the refinance were Gantry professionals Tim Storey, Chad Metzger and Andrew Christopherson. The borrower in the transaction is identified as a private real estate investor. The financing was put in place to supplant maturing indebtedness on the property and to provide the investor with additional liquidity through the cash-out component of the loan.
Mesa Grand’s footprint of 224,000 square feet positions it among larger power-center formats in the region, offering surface parking and a linear arrangement of in-line retail and restaurant spaces. The center’s location in Mesa places it within the broader Phoenix metropolitan retail landscape, where such regional power centers serve as consolidated shopping destinations for surrounding neighborhoods and trade areas.
Gantry’s role in the transaction combined loan placement and ongoing administrative responsibilities, as the firm both arranged the loan and will act as subservicer. The involvement of an institutional balance sheet lender for the five-year, fixed-rate loan provided the financing with a permanent structure aimed at addressing the property’s upcoming debt maturity while enabling the borrower to extract cash-out proceeds as part of the refinancing.
The refinancing transaction was announced June 19, 2026. It leaves Mesa Grand operating under the new capital structure with the stated five-year fixed-rate financing in place and Gantry positioned to service the loan on behalf of the institutional lender for the duration of the term.
Mesa Grand is located at 1859 S. Stapley Drive in Mesa, at the northeast corner of Stapley and Baseline Roads just off U.S. 60.
The property was acquired in 2017 by DSW Commercial (with investment partner Iridius Capital) from Vestar for $42.9 million, according to DSW’s transaction announcement.
In addition to the inline retail and restaurants named in the article, the broader Mesa Grand complex includes a Walmart Supercenter and the AMC Mesa Grand theater (which features IMAX with Laser), both of which function as major anchors for the center.