Meridian Capital Arranges $60M Loan for Irgang Group's $85M Gilbert Gateway Towne Center Buy

The financing package features a 70% loan-to-cost ratio and full-term interest-only payments.

Published on Feb. 27, 2026

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Meridian Capital Group has arranged a $60 million acquisition loan for Irgang Group's $85 million purchase of the 263,973-square-foot Gilbert Gateway Towne Center in Mesa, Arizona. The property, which is 100% occupied, was previously sold for $50.2 million in 2022, indicating a significant increase in valuation. The financing package includes a loan-to-cost ratio over 70% and full-term interest-only payments.

Why it matters

This transaction highlights the continued demand for well-leased, open-air retail centers in suburban markets like Mesa, Arizona. The significant increase in valuation over a short hold period also suggests that investors see long-term growth potential in this type of retail asset.

The details

The Gilbert Gateway Towne Center is a 263,973-square-foot retail center located at the southwest corner of Power Road and Loop 202 in Mesa, Arizona. The center is fully occupied and features a mix of national and regional retailers, food and beverage operators, and daily-needs businesses. Meridian Capital Group arranged the $60 million acquisition loan from Citi, which features a loan-to-cost ratio over 70% and full-term interest-only payments.

  • The property was previously sold for $50.2 million in 2022.
  • The latest $85 million acquisition and $60 million financing package closed in 45 days.

The players

Meridian Capital Group

A commercial real estate finance and advisory firm that arranged the acquisition financing for the Gilbert Gateway Towne Center purchase.

Irgang Group

The real estate investment firm that purchased the Gilbert Gateway Towne Center for $85 million.

Citi

The financial institution that provided the $60 million acquisition loan for the Gilbert Gateway Towne Center purchase.

Gilbert Gateway Towne Center

A 263,973-square-foot retail center located in Mesa, Arizona that was acquired by Irgang Group.

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What they’re saying

“The combination of a high-occupancy asset, institutional bank lender and structured interest-only loan underscores ongoing capital availability for well-leased retail centers in established suburban locations such as Mesa.”

— Simon Rosenfeld and Ariel Taieb, Meridian Capital Group (cremarketbeat.com)

The takeaway

This transaction demonstrates the continued investor interest in well-leased, open-air retail centers in suburban markets, even as the retail landscape evolves. The significant increase in valuation over a short hold period suggests that Irgang Group and its lender, Citi, see long-term growth potential in this type of retail asset.