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Cityline at Tenley

Washington D.C.





June 25, 2024



Cityline at Tenley Retail Center Home to Target, Ace Hardware, Bank of America, Others; Life Company Financing Includes Fixed Rate, Interest-Only Period, and Prepayment Flexibility

Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $22.3 million permanent loan for the acquisition of the Cityline at Tenley retail center, located at 4500 Wisconsin Ave NW in the Tenleytown neighborhood of Washington, D.C. The 89,000-square-foot facility is the retail component of a mixed-use development including 204 condominium units, all situated above a metro rail station. Center tenants include Target, Ace Hardware, Bank of America, and other home goods and necessity retailers.

Gantry’s Braden Turnbull, Principal, George Mitsanas, Principal, and Austin Ridge, Associate, represented the borrower, Lincoln Property Company. The seven-year, fixed rate loan was secured through one of Gantry’s correspondent life company lenders and features prepayment flexibility with a five-year interest-only period followed by 30-year amortization.

According to Gantry’s George Mitsanas, “LPC’s Cityline at Tenley acquisition checks all the boxes for our correspondent insurance company lenders, who are focusing their permanent loan programs on assets with experienced sponsorship at the helm, strong fundamentals in the local market, and high barriers to entry that all support long-term relevancy. LPC is a well-capitalized and experienced investor. Cityline is anchored by Target, across the street from a popular Whole Foods, with a high-profile location in the urbanized Tenleytown neighborhood, above a metro station, and blocks from American University and the neighborhood’s many international embassies. This loan is the proverbial win-win for borrower and lender, with a rate and terms supporting long-term investment goals for both.”

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