CBRE Arranges $45.8 Million Refinancing for Scottsdale Towne Center

CBRE has arranged a $45.8 million refinancing for Scottsdale Towne Center, a 168,090-square-foot retail center located at 15444 North Frank Lloyd Wright Blvd., in Scottsdale, Arizona. This is one of the largest retail financings in Scottsdale year to date.

Shaun Moothart, Bruce Francis, Doug Birrell, Bob Ybarra and Nick Santangelo with CBRE Capital Markets' Debt and Structured Finance practice secured a 5-year fixed, full-term interest-only loan on behalf of their client.

"This loan on a shadow-anchored center signals that life company balance sheets have strong conviction in this asset type again, especially in core markets like Scottsdale," said Moothart, executive vice president at CBRE.

Scottsdale Towne Center is nearly 100% leased. The center is anchored by TJ Maxx, Ross and Mountainside Fitness and shadow-anchored by Target.

The sponsor acquired Scottsdale Towne Center in 2021 and subsequently leased a previously vacant 50,000-sq.-ft. space to Mountainside Fitness' flagship location, helping increase occupancy to nearly 100% and positioning the asset for refinancing.

The center is located at the southeast corner of Loop 101 and Frank Lloyd Wright Boulevard within Scottsdale Airpark, Arizona's second-largest employment corridor. According to CBRE Research, North Scottsdale is one of metro Phoenix's strongest retail submarkets, with rents averaging $30.20 per sq. ft. and vacancies of approximately 4.2%.