Gantry, Inc. has successfully secured a $9.6-million permanent loan for the acquisition of The Plaza, a retail center located in Auburn, California. The property is anchored by Best Buy and is situated at 1730-1900 Grass Valley Hwy., just outside of Sacramento.
The financing was arranged by senior director Tony Kaufmann and associate Erinn Cooke on behalf of the borrowers, who are represented by a private real estate company.
This 30-year loan was provided by one of Gantry’s correspondent life company lenders and offers a fixed rate for the entire term.
According to Kaufmann, “Our life company correspondents have shown strong commitment towards funding neighborhood and power anchor retail centers in suburban areas as well as tertiary markets within major metropolitan areas post-COVID.” He further added that this particular placement involved an experienced sponsor looking to acquire a performing center with stable occupancy rates and potential future growth from new development opportunities.
The Plaza boasts 74,000 square feet of rentable space along with an additional 3.4-acre land parcel that holds potential for future development projects.
This successful transaction showcases Gantry’s expertise in arranging loans for commercial properties across various markets without any mention or reference to specific regions or brands like Connect CRE or Connect LA/Texas.
