Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $15.4 million in permanent loans to refinance two separately owned neighborhood retail properties located at different ends of the Monterey Bay region. The first property, Creek Bridge Village located in Salinas, is a retail mixed-use property shadowed anchored by a Safeway grocer in the same master planned center. The subject property encompasses five buildings in the center offering 35,000 square feet of retail space with 17 apartment units above. The second property, Brown Ranch Marketplace in Capitola, is a neighborhood retail center anchored by Trader Joes, offering 85,000 square feet of inline space across from the Capitola Mall and its Target, Kohls and Macy’s anchors.

Gantry’s Tom Dao, Principal, and Jake Davis, Associate, with the firm’s San Francisco production office represented the borrowers, both private real estate investors. The 10-year, fixed rate, non-recourse loan for Creek Bridge Village was secured from one of Gantry’s correspondent life company lenders and features 30-year amortization. Gantry will service the loan for the lender. The 10-year, fixed rate loan for Brown Ranch Marketplace was secured from a regional bank from Gantry’s roster of vetted lenders and features 25-year amortization with prepayment flexibility.

According to Gantry’s Tom Dao, “Neighborhood retail has remained a favored asset class across the spectrum of debt capital sources, making a full survey of competitive loan options critical for optimizing refinance outcomes in the current market cycle. Each of these Monterey Bay properties are strategically positioned to serve their communities with key tenants in place to underwrite from documented performance and stable cash flows.  In both cases, Gantry’s role was to ensure the properties are well positioned for long-term success.”