Dealmaker: Gantry Secures $17M for California Retail Center
(Market Place at Town Center, El Dorado Hills, Calif.)
Gantry, San Francisco, secured $16.7 million to refinance the Market Place at Town Center retail center in El Dorado Hills, Calif., near Sacramento.
The 134,600-square-foot property sits at the intersection of Highway 50 and Latrobe Road in the master-planned community’s 2.5 million-square-foot El Dorado Hills Town Center retail district. Anchored by Nugget Markets grocers, Market Place also includes restaurant, convenience, beauty and professional services tenants.
Gantry Principal Robert Slatt and Associate Andrew Ferguson from the firm’s San Francisco production office secured the financing for their private real estate investor client. A regional bank supplied the 10-year, fixed-rate non-recourse loan.
“Grocery-anchored retail centers remain solid performers post-COVID, with a range of lenders willing to fund loans for centers like Market Place at Town Center featuring essential retailers,” Slatt said. “While the rate climate of the past year has been volatile, the pending maturity of a previous loan compelled us to seek the best solution in a timely manner, meeting our client’s plans for a continued legacy hold.”