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GILBERT, AZ-Metropolitan Capital Advisors has arranged financing for a 10,000-sf retail center in a fast-growing Phoenix suburb bordering Mesa and Tempe. The borrower was Maly Commercial Realty, the parent company of Aspen-Gilbert LLC, which owns the center at the corner of South Gilbert and Warner roads, about 3.5 miles south of US Highway 60.

The Dallas-based Metropolitan Capital Advisors arranged a fixed-rate loan of about $1.7 million with a 10-year term through Lehman Brothers. The shopping center is about 80% leased and contains such clients as Nextel Communications, Subway, Cool Cuts 4 Kids and Panda Express. The center is situated in front of a Lowe’s Home Improvement store.

Gilbert experienced a 410% population growth rate between 1980 and 1991, with the population steadily increasing each year. In the 2000 US Census, Gilbert had about 107,000 residents.

The loan arranger, Todd McNeill, a senior director, says he believes it’s the first loan that MCA has negotiated in Arizona. He’s also working on a deal in Marana, AZ. “I follow where my lenders want to go,” he says. “Right now, they have some interest in the Arizona market.

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