Gantry, a leading commercial real estate financing firm, recently facilitated a $22.3 million loan for Lincoln Property Company’s purchase of the Cityline at Tenley retail center in Washington D.C. This prime 89,000-square-foot retail space is part of a mixed-use development that also includes 204 luxury condominiums situated above a metro station. The property boasts an impressive tenant lineup including Target, Ace Hardware and Bank of America.
Braden Turnbull, George Mitsanas and Austin Ridge from Gantry worked together to secure this seven-year fixed-rate loan from one of their correspondent life company lenders. The lender offered attractive terms such as prepayment flexibility and an initial five-year interest-only period followed by 30 years amortization.
According to George Mitsanas from Gantry,”The acquisition of LPC’s Cityline at Tenley aligns perfectly with our correspondent insurance company lenders’ criteria for permanent loans – experienced sponsors leading the project, strong market fundamentals and high barriers to entry ensuring long-term viability.”
