Citigroup Grants $81M Loan For Retail Centers In Gilbert And Scottsdale, AZ

Citigroup has granted $81 million in senior mortgage financing for two retail centers located in Gilbert and Scottsdale, Arizona. The retail centers have a total combined square footage of 432,068 square feet. The two properties are situated at 4900-5052 South Power Road and 1544 North Frank Lloyd Wright Boulevard in Gilbert and Scottsdale, respectively.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $81,000,000
• Address: 4900-5052 South Power Road & 1544 North Frank Lloyd Wright Boulevard, Gilbert & Scottsdale, AZ
• Market: Gilbert & Scottsdale, AZ
• Lender: Citigroup
• Landlord: Karim, Yasmin & Saleem Kanjiyani
• Broker: CBRE

This loan transaction involves Citigroup providing a five-year debt package for the two retail centers. The debt package requires interest-only payments. The landlords, Karim, Yasmin & Saleem Kanjiyani, have secured the $81 million loan to support their retail properties.