Meridian, Idaho
Wood Investments Companies Secures $39.1 Million Refinancing for
Two Boise Metro Shopping Centers
MERIDIAN, Idaho — Wood Investments Companies, Inc., a leading fully-integrated commercial real estate investment company specializing in retail, has secured $39.1 million in permanent loans for two prominent shopping centers in the Boise metropolitan area: Gateway Marketplace and CentrePoint Marketplace. Both shopping centers, situated in the thriving city of Meridian, received refinancing, further bolstering their ongoing growth and continued success.
Gateway Marketplace
Wood Investments Companies has refinanced Gateway Marketplace shopping center with a $16.5 million permanent loan. Tim Winton, Senior Vice President of Keystone Mortgage Corporation, based in the company's Aliso Viejo, California office, arranged the financing from Voya Investment Management, LLC, at a fixed 5.78% rate for five years. Gateway Marketplace is a 135,732-square-foot grocery-anchored shopping center situated on 16.16 acres and was 100% leased at the time of the closing.
Gateway Marketplace features a diverse tenant mix, including a new 42,212-square-foot PGA Tour Superstore, Trader Joe's, Mecca Gym, Land Ocean restaurant, Chili's Grill & Bar, Le Peep restaurant, Mathnasium, and Orange Theory Fitness. Wood Investments Companies acquired the Trader Joe's-anchored shopping center in November 2021, when it was approximately 40% leased. Since then, the company has been successful in signing over 80,000 square feet of new leases.
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CentrePoint Marketplace
CentrePoint Marketplace, located across the street from Gateway Marketplace, received refinancing in the amount of $22.6 million from RGA ReCap, LLC. The loan is fixed at a rate of 6.02% for a 10-year term, and similar to Gateway Marketplace, CentrePoint Marketplace achieved a full lease occupancy of 100% at the time of loan closing. The financing was arranged by the team of Greg Richardson, Managing Director at Walker & Dunlop, based in Newport Beach, California.
Spanning 197,288 square feet, CentrePoint Marketplace is a thriving community shopping center anchored by Kohl's, Hobby Lobby, Dick's Sporting Goods, and Walgreens. The center also hosts popular food tenants, including Qdoba Mexican Eats, Panera Bread, and Wingers Restaurant & Alehouse. CentrePoint Marketplace's and Gateway Marketplace’s strategic location offers easy access to big-box retailers like Lowe's, schools, parks, local businesses, medical care, and other attractions, making the two shopping centers a prime shopping destination in the region.
"I think it is a testament to the quality of our properties to be able to refinance in this kind of environment with such good retail partners," said Patrick Wood, CEO and President of Wood Investments Companies. "The successful refinancing of Gateway Marketplace and CentrePoint Marketplace reaffirms our commitment to providing exceptional retail destinations and underscores the confidence our partners place in our expertise."
Wood added, "Wood Investments Companies continues to look for well-located value-add development opportunities in the Western U.S. where the company can incorporate its design and tenant influence to create new grocery-anchored neighborhood shopping centers. We remain dedicated to delivering superior experiences for both tenants and customers while generating positive economic impacts in the communities we serve."
08/15/2023
