Crescit Capital Closes $22M Bridge Loan for Marysville Retail Center
Commercial Real Estate Finance Platform Crescit Capital Strategies has originated a 4-year, fixed rate, $22 million bridge loan for the acquisition of a retail property in Marysville, WA. A private seller and private buyer transacted on the 220,000-square-foot property.
The Marysville Town Center, anchored by an Albertson’s Grocery Store along with a diverse set of other retailers, is located within 35 miles of Seattle and 75 miles of Tacoma and represents one of several deals that Crescit has completed in the area.
“Crescit is pleased to partner with an owner that has a demonstrated history of acquiring assets and adding value through CapEx and leasing programs,” said Crescit CEO Joseph Iacono. “Crescit’s fixed-rate loan option reduced the borrower’s interest rate risk and provided an attractive alternative to traditional floating rate loans which require the purchase of an interest rate cap.”
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.