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May 28, 2020
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Net Lease Alliance Lands $16 Mil to Complete Construction of Disrupted Retail Development in Washington


Net Lease Alliance has obtained $16 mil in financing to resume and complete the construction of a 125.1k sf retail center in the suburban Seattle community of Puyallup. The project involves the redevelopment of a former Lowe’s store and is 100% pre-leased to 24 Hour Fitness and At Home, a publicly traded retail chain specializing in home décor products.

The property is located at 301 37th Avenue SE in Puyallup, 10 miles east of Tacoma and 35 miles south of Seattle. The local market has experienced significant economic and population growth in recent years and is at the intersection of three major highways and a top boarding location for local commuter rail service.

The non-recourse, bridge loan was provided by Buchanan Street Partners, who closed the deal in two weeks to enable the timely completion of the project and meet tenant commencement dates by year-end and the first quarter of 2019. Target Rock Partners represented Net Lease Alliance in the transaction.

“Lenders are typically reticent to finance a disrupted construction project, though we found the merits of this transaction compelling,” said Joseph Maehler, senior vice president, Buchanan Street Partners. “Buchanan Street’s loan is backed by an experienced, reputable sponsor, a high-quality asset, strong market fundamentals and an attractive, risk-adjusted return.”

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