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11/10/23
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Plaza North Shopping Center, a 101k sf grocery-anchored retail center in Petaluma was refinanced with a new permanent loan for $9.5 mil. The property, located at 201-313 North McDowell Blvd, is occupied by grocer Lola’s Market, CVS Pharmacy, Starbucks, GNC, Club Pilates and a wide range of fast food, dining, beauty, retailers, and professional services.
Robert Slatt, Andrew Ferguson and Maria Zwick with Gantry arranged the loan on behalf of the borrower, a private limited partnership. The seven-year, fixed-rate, permanent loan was provided by a life company lenders and replaced a maturing loan from 2013.
According to Slatt, neighborhood shopping centers and essential retail remain strong performers post COVID, with evolving long-term fundamentals pointing to sustaining that trend. For Plaza North, the property’s long history of performance, debt service coverage at time-tested cash flows, future upside from new leasing, and a strategic location serving a regional suburban and rural consumer population, resulted in an attractive fixed rate loan.
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