Oak Hills Shopping Center
January 18, 2024
East Bay Grocery-Anchored Shopping Center in Pleasanton Refinances with Life Company Fixed Rate Debt; Gantry’s Correspondent Lenders Continue to Show Strong Appetite for Stable Retail
San Francisco, Calif. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $8.6 million permanent loan to refinance the Oak Hills Shopping Center located at 5410-5480 Sunol Blvd in Pleasanton, Calf. The 120,000-square-foot inline center is anchored by Raley’s grocery, with co-tenants including BMO Bank, Mountain Mike’s Pizza, Jim’s Country Restaurant, Gymboree, and Brick Fitness. The center occupies a strategic location with major street access and signaled entrances within two miles of the affluent Castlewood Residential Community and Country Club.
Gantry’s Mitch Zeemont, Principal, Tony Kaufmann, Principal, and Alex Poulos, Associate, with the firm’s San Francisco production office secured the loan on behalf of the borrower, a private real estate entity. The 12-year loan was secured from one of Gantry’s correspondent life company lenders and features a fixed interest rate with 20-year amortization.
According to Gantry’s Tony Kaufmann, “Gantry continues to successfully underwrite attractive permanent loans with our life company correspondents for stable grocery-anchored and neighborhood retail centers. For a time-tested center like Oak Hills, refinancing at low leverage and able to demonstrate long-term performance, we were able to source a number of options with our correspondents meeting the sponsor’s continuing legacy-hold investment goals before committing to this long-term, permanent loan stabilizing the asset for a continued legacy hold.”