Property Type Retail
Financing Type Permanent
Date January 5, 2023
Sacramento Region Suburban Center Retires Maturing Debt with Long-Term Bank Loan; Grocery Anchored Retail Remains a Preferred Target for Bank and Life Company Lenders in Current Cycle
Sacramento, Calif. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $16.75 million permanent loan to refinance the Market Place at Town Center retail center in El Dorado Hills, Calif., a far suburb of the Sacramento MSA. The 134,600-square-foot property is located at the intersection of Highway 50 and Latrobe Rd in the heart of the affluent, master planned community’s 2.5 million-square-foot El Dorado Hills Town Center retail district. Anchored by Nugget Markets grocers, Market Place also includes a wide range of retail, restaurant, convenience, beauty, and professional services tenants.
Gantry’s Robert Slatt, Principal, and Andrew Ferguson, Associate, with the firm’s San Francisco production office, secured the financing on behalf of the borrower, a private real estate investor. The 10-year, fixed-rate, non-recourse loan was secured from a regional bank lender at an attractive rate conducive to the sponsor’s legacy hold strategy.
According to Gantry’s Robert Slatt, “Grocery anchored retail centers remain solid performers post COVID, with a range of lenders willing to fund loans for centers like Market Place at Town Center featuring these essential retailers. While the rate climate of the past year has been volatile, the pending maturity of a previous loan compelled us to seek the best solution in a timely manner, meeting our client’s plans for a continued legacy hold. After reviewing the center’s requirement with several of Gantry’s correspondent and affiliate lenders, we moved forward with a bank lender who understood the nuances of the local market and rewarded the center’s demonstrated performance and strong fundamentals with a superior rate over a ten-year term.”