Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $21.4 million permanent loan for the acquisition of the James Center grocery-anchored retail center located at 6901 S 19th St in Tacoma. The property was purchased by a partnership managed by Rosen Harbottle Commercial Real Estate whose portfolio consists of 64 retail, office and industrial buildings totaling over 3.9 million square feet throughout the Puget Sound and Boise, Idaho. The stabilized property offers 140,240 square feet of leasable space in multiple buildings on a 15.95-acre site. The retail center is strategically located adjacent to Tacoma Community College and the Tacoma Housing Authority’s James Center North/Aviva Crossings affordable multifamily housing development, now underway. Major tenants at James Center include Fred Meyer grocers, Rite Aid, U.S. Bank, IHOP, Taco Bell, MultiCare, and FedEx. 

Gantry’s Alan Hergert, Senior Director, and Tim Brown, Senior Associate, with the firm’s Seattle production office represented the borrower, a private real estate investor. The 10-year, fixed rate, nonrecourse loan was secured through one of Gantry’s correspondent life company lenders and features 30-year amortization. Gantry will service the loan.

According to Gantry’s Alan Hergert, “Performing grocery-anchored retail remains a prioritized asset class for loan allocations from Gantry’s extensive roster of life company correspondents. James Center was acquired by a highly experienced sponsor with plans for a legacy hold, making permanent financing at an optimized rate and LTV for acquiring the property relevant to their long-term investment goals. This stabilized asset enjoys strong fundamentals for retail success from a location next to new housing under development, Tacoma Community College, and a vibrant West Tacoma consumer population, qualifying the loan for superior terms with one of our leading insurance correspondents.”