Gantry Arranges Refi on Petaluma Shopping Center
Gantry secured a $9.5-million permanent loan to refinance the Plaza North Shopping Center located at 201-313 N, McDowell Blvd. in Petaluma. The 101,000-square-foot center is anchored by grocer Lola’s Market, CVS Pharmacy, Starbucks, GNC and Club Pilates.
Principal Robert Slatt, associate Andrew Ferguson and senior closer Maria Zwick with Gantry’s San Francisco production office secured the loan on behalf of the borrower, a private limited partnership. The seven-year, fixed-rate, permanent loan was provided by one of Gantry’s correspondent life company lenders, replacing a maturing loan from 2013.
Slatt said, “Neighborhood shopping centers and essential retail remain strong performers post COVID, with evolving long-term fundamentals pointing to sustaining that trend. Our insurance company correspondents have remained an accessible and consistent source for loans in the retail space for these reasons and rely on us to identify qualifying sponsors and properties that can meet their requisite underwriting criteria.”