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Auburn Plaza Center

Auburn, CA





December 12, 2023



Best Buy Anchored Center in Suburb of Sacramento Hits on all Cylinders for Life Company Underwriting, Performing Retail Still Accessing Attractive Rates and Terms for Legacy Holds

Sacramento, California – Gantry, Inc., the largest independent commercial mortgage banking firm in the U.S., has secured 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 Highway in Auburn, California, a suburb of Sacramento. Anchored by Best Buy, the center offers 74,000 square feet of rentable space and a 3.4-acre land parcel poised for future development. Other notable co-tenants in The Plaza include Mel’s Original Diner, Little Caesars Pizza, Mattress Firm, Sola Salon Studios, Garden of Eat’n, Lyon Real Estate, Miracle Ear, Salon Centric, and T-Mobile.

Gantry’s Tony Kaufmann, Senior Director, and Erinn Cooke, Senior Associate, 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.

According to Gantry’s Tony Kaufmann, “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. Certainty of close, an attractive fixed rate, and non-recourse terms made this life company execution the perfect solution for a long-term hold, even in the current volatile climate.”

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