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Gantry Lines Up Acquisition Loan on Auburn Power Center
Gantry, Inc. arranged a $9.6-million permanent loan to finance the acquisition of The Plaza, a Best Buy-anchored retail center located at 1730-1900 Grass Valley Hwy. in Auburn, a suburb of Sacramento. Senior director Tony Kaufmann and associate Erinn Cooke secured the financing on behalf of the borrowers, a private real estate company.
The 30-year loan was provided by one of Gantry’s correspondent life company lenders and features a fixed rate for the life of the loan.
Kaufmann said, “Gantry’s life company correspondents continue to commit significant allocation bandwidth for neighborhood and power anchor retail centers, including in the suburban and tertiary markets of major MSA’s where we continue to see robust performance post-COVID. For this placement, we were working with an experienced sponsor negotiating to purchase a performing center with a major anchor, stable occupancy, and future upside from new development.”
The center offers 74,000 square feet of rentable space and a 3.4-acre land parcel poised for future development.
