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Common Bond Development Group has successfully secured $16.5 million in senior financing for a newly constructed retail center, anchored by Safeway, located in Surprise, Arizona. The lender for this project was Nationwide.
The Sterling Grove Shopping Center is a recently completed development that boasts 100% occupancy with a diverse mix of national and regional tenants including popular brands like McDonald’s, Starbucks and Taco Bell. The center is conveniently situated at 17124 W Peoria Ave., near the intersection of SR-303 and Northern Parkway within the greater Phoenix MSA.
JLL Capital Market’s Debt Advisory team represented the borrower during this transaction with Jason Carlos leading the way.
According to Carlos, there is currently an abundance of available debt capital but lenders are still prioritizing high-quality assets. He noted that Common Bond’s product and tenant lineup met all lender requirements resulting in a highly competitive outcome for this refinancing deal.
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