Trident Capital Partners secured a $13.25 million refinancing for the owners of Scottsdale Towne Center on Frank Lloyd Wright. Vestar lists the center on its website.
Trident said the 12-month, non-recourse financing replaces existing debt on the 16-acre, 168,090-square-foot retail center that includes Mountainside Fitness, Ross Dress for Less, T.J. Maxx, several restaurants and smaller retailers adjacent to a separately owned Target store. The property is 99% leased.
The Phoenix Business Journal reports Trident said the borrower’s prior senior loan was cross-collateralized by the Scottsdale Towne Center and another retail asset in Gilbert that is under contract for sale, leaving about $13.25 million of senior debt allocated to the Scottsdale property.
Scottsdale Towne Center comprises 30 units in seven buildings. It was built in 1995.
Trident Capital Partners describes itself as a boutique real estate bridge lender specializing in tailored senior-secured financing solutions for commercial real estate nationwide.
The post Trident Capital Scores Refi for Scottsdale Retail Center appeared first on Connect CRE.
​Â