Property Type Retail
Financing Type Permanent
Date October 18, 2022
Cedar Hills Crossing Featuring Winco and New Seasons Grocers Offers More Than 70 Shops and Restaurants Near Nike World HQ, Intel’s Regional Offices, and Downtown Beaverton; Life Company Lenders Actively Financing Retail Properties Demonstrating Strong Performance. (Photo courtesy of CoStar Group, Inc.)
Beaverton, Ore. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $61 million of permanent, long-term financing for the Cedar Hills Crossing retail center in Beaverton, Ore. The 477,000-square-foot center is anchored by several grocery and credit tenant operators, including Winco, New Seasons, Ross, Office Depot, and Best Buy. In addition, the center features a wide range of top dining, banking, professional service, and specialty retailers after undergoing extensive renovations during the past five years.
Gantry’s Blake Hering, Principal, and Heather Kegler, Associate, with the firm’s Portland production office secured the financing on behalf of the borrower, C.E. John Company, Inc. The 10-year loan was provided by one of Gantry’s correspondent life company lenders and featured a 12-month forward rate lock initiated at the start of the year, locking in an attractive, fixed rate in the low three percent range.
According to C.E. John Company’s CFO/COO Larry Dortmund, “Over the years, Gantry has helped us to build very strong relationships with their exclusive life company lenders. These relationships have allowed C.E. John the flexibility to meet changing market circumstances. Whether accommodating a reconfiguration of space via supplemental loans, or more recently, the ability to lock an interest rate for up to a full year in the face of a dramatically rising rate environment. Working with Gantry and their life company relationships has proven to be a solid, reliable, value-add proposition for our company.”
“The borrower’s crystal ball works!” added Gantry Principal Blake Hering. “They foresaw a rising rate climate on the horizon, reached out to our team early, and by working closely with one of our strategic life company correspondent lenders, locked in a fixed rate that ultimately ended up being in the low three percent range.”