Wood Investments Scores $39M in Refis for 2 Idaho Retail Centers

Gateway Marketplace (up) and CentrePoint Marketplace (down) were both fully leased at the time of the closing. Images courtesy of Wood Investments Cos. 

Wood Investments Cos. has secured a $16.5 million refinancing loan for Gateway Marketplace, a 135,732-square-foot shopping center in the Boise, Idaho, metropolitan area, and a $22.6 million loan for CentrePoint Marketplace, a 197,288-square-foot retail property in the same metro.

Keystone Mortgage Corp. arranged the financing for Gateway Marketplace from Voya Investment Management LLC, while a Walker & Dunlop team secured the CentrePoint Marketplace loan from RGA ReCap LLC. The two properties in Meridian, Idaho, were 100 percent leased at the time of the deal.

Senior Vice President Tim Winton of Keystone secured the financing at a fixed 5.78 percent rate for five years. Walker & Dunlop Managing Director Greg Richardson arranged the loan at a fixed rate of 6.02 percent for 10 years.

Prominent anchor tenants

According to CommercialEdge, Wood Investments Cos. acquired Gateway Marketplace in November 2021 for $28.3 million, featuring Trader Joe’s as its anchor tenant. At that time, the shopping center was only 40 percent leased. Since then, Wood Investments signed in more than 80,000 square feet of new leases. Built in 2007 on a 16.2-acre lot, the center now includes tenants such as Mecca Gym, Land Ocean restaurant, Chili’s Grill & Bar, Le Peep restaurant, Mathnasium and Orange Theory Fitness. Additionally, in early May the owner signed a 10-year lease with PGA Tour Superstore for 42,212 square feet of retail space at the property.

The 2007-built CentrePoint Marketplace is adjacent to Gateway Marketplace and is anchored by Kohl’s. Additional tenants include Hobby Lobby, Dick’s Sporting Goods, Walgreens, Qdoba Mexican Eats, Panera Bread and Wingers Restaurant & Alehouse.