October 30, 2022
Vacaville Commons Offers Popular Shopping, Dining, and Professional Service Tenants Alongside Major Anchors at Strategic Location on I-80 Corridor; Suburban Retail Power Centers Featuring Grocery Alongside Relevant Anchors, Restaurants & Services Attracting Lenders in Current Cycle
Vacaville, Calif. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $23 million permanent loan to refinance Vacaville Commons, a 400,000-square-foot power retail center in Vacaville, Calif. The center marked its 30th anniversary this year and remains a relevant destination for the I-80 corridor communities between the Bay Area and Sacramento. The center features a range of popular tenants including Safeway, Ross, Big 5, Chase Bank, Chick-fil-A, and Chili’s as examples, with shadow anchors Target and Burlington occupying independently owned inline locations inclusive of the total tenant roster.
Gantry’s Tom Dao, Principal, and Erinn Cooke, Senior Associate, with the firm’s San Francisco production office secured the financing on behalf of the borrower, a private real estate investment partnership. The 10-year loan was provided by one of Gantry’s correspondent life company lenders at an attractive fixed-rate in the low 4% range, with terms including a lengthy interest only period transitioning to 30-year amortization.
According to Gantry’s Tom Dao, “Regional center retail assets along easy transportation access routes continue to attract lender interest. These are destination properties, where people will consume at one or more locations during a visit, that combine essentials shopping with dining and other relevant services and purchases. These assets have remained resilient throughout and post COVID and continue to demonstrate strong fundamentals. We have a depth of experience underwriting retail in this format, and our correspondent life company lenders continue to show an appetite for these assets at attractive fixed rates, especially when experienced sponsorship is in place with documented historical performance.”