Gantry, a leading commercial real estate financing firm, has successfully secured a $22.3 million loan for the acquisition of Cityline at Tenley retail center in Washington D.C. The property is owned by Lincoln Property Company and features 89,000 square feet of retail space within a mixed-use development that also includes 204 condominiums above a metro station. Notable tenants include Target, Ace Hardware, and Bank of America.
The loan was arranged by Gantry’s team consisting of Braden Turnbull, George Mitsanas and Austin Ridge. They were able to secure favorable terms from their correspondent life company lender including prepayment flexibility and an interest-only period followed by long-term amortization.
According to George Mitsanas from Gantry: “LPC’s acquisition aligns perfectly with our correspondent insurance company lenders’ focus on assets led by experienced sponsors with strong fundamentals in the local market.” He further added that high barriers to entry make this property highly relevant for long-term investment.
This successful transaction highlights Gantry’s expertise in arranging financing solutions for commercial real estate projects across various markets without compromising on quality or profitability.
