Retail Center in Oregon Secures $9M Refi

Gantry has secured two permanent loans totaling $15.1 million to strategically refinance a stabilized neighborhood retail center and then retire construction finance for a pre-stabilized self-storage facility. The pair of assets include the OC Point neighborhood retail center located at 19502 Molalla Ave, Oregon City, Oregon, and the Nestory Park self-storage facility at 8750 N. 2nd Street, Machesney Park, Illinois.

Gantry’s Tom Dao, Principal, and Erinn Cooke, Senior Associate, represented the borrower, a private real estate investor. OC Point received a $9.1 million, five-year, fixed-rate life company loan with 30-year amortization for a 35,000-square-foot, stabilized neighborhood center near Clackamas Community College.

“Gantry identified the appreciated value in a stabilized retail center as a viable path to secure cash out commiserate with the fresh equity required to right-size debt service on a pre-stabilized self-storage center seeking a permanent loan,” said Dao. The Nestory Park self-storage asset secured a $6 million, five-year, fixed-rate life company loan featuring 30-year amortization to retire construction financing.