Retail
Grocery-anchored, unanchored strip, single-tenant net lease, power centers and pad sites.
Retail debt is priced off tenancy, not just NOI. Lenders discount rollover, co-tenancy exposure and anchor health long before they discount the cap rate. A center showing clean in-place NOI can still size well below the owner's expectation once a lender applies rollover haircuts and funds TI/LC reserves out of proceeds.
The work is getting that discount priced correctly, and competitively, before it becomes a term-sheet surprise.
What we finance
Grocery-anchored centers, unanchored strip, single-tenant net lease, power centers and pad sites.
Where the capital comes from
CMBS, which remains a genuine home for stabilized retail; life companies for grocery-anchored and credit-tenant assets; banks for value-add with recourse; debt funds for lease-up and repositioning; and credit-tenant-lease financing for long-dated single-tenant credit.
What we underwrite before the market sees it
- Rollover schedule and reserve sizing against realistic re-tenanting cost and downtime
- Co-tenancy triggers, cure rights and what each does to proceeds
- Anchor sales-per-square-foot and health ratios where reporting is available
- Dark space, go-dark rights and recapture provisions
- Percentage rent and exclusive-use clauses that constrain re-tenanting
Retail maturity, acquisition or recapitalization ahead?
Send the rent roll and existing debt terms and we will return indicative proceeds across the executions worth running.
Start a confidential reviewThis material is for general educational purposes only and does not constitute legal, tax, or financial advice. Principals of Gibson Capital Advisors hold interests in affiliated entities that acquire and develop commercial real estate, including Quadrant Retail Partners. Gibson Capital Advisors acts as adviser, not principal, in client engagements, and discloses any affiliate interest in a transaction at the outset. Gibson Capital Advisors is a debt advisory firm and does not make loans.