Property Type Retail
Date January 18, 2016
Mike Taylor and Hans Siebert, both Principals of Gantry, Inc, recently arranged financing in the amount of $41,500,000 for the Mill Creek Town Center in Mill Creek, Washington.
Mike Taylor and Hans Siebert, both Principals of Gantry, Inc, recently arranged financing in the amount of $41,500,000 for the Mill Creek Town Center in Mill Creek, Washington. Mill Creek Town Center is an 180,000 square foot neighborhood retail center anchored by the up-scale grocer Central Market. Gantry secured the loan through its correspondent Teachers Insurance and Annuity Association of America (TIAA-CREF), a national financial services organization with more than $406 billion in combined assets under management. Mike Taylor and Hans Siebert worked together to facilitate the assumption of a $19,500,000 loan placed by Hans Siebert in 2005 and placement of $22,000,000 in new financing to facilitate the purchase of the property by Panos Properties, a longtime client of Mike Taylor.s. Panos Properties, LLC is a family-owned investment company that owns a portfolio of retail properties throughout the Puget Sound region that it self-manages. In addition to its investments in commercial real estate, the company has interests in public securities and private equity. The company was founded by Steve Panos in 1961. His son, Tim Panos, a former investment banker, joined the company as a principal in 2002. The new financing included a $2.8 million funding along with the loan assumption and a $19.2 million forward commitment to fund with the purchase of the second phase of the center, scheduled for March of 2008. Of particular interest to TIAA was the large amount of equity with a loan-to-cost of 59% on a combined purchase price for both phases of $70,000,000 and the strength and quality of the new borrower. With offices in Seattle, San Francisco, Sacramento, Los Angeles, Irvine, Las Vegas and Phoenix, Gantry is a privately held full-service commercial mortgage banking firm that provides financing for income-producing properties. Gantry originates and services loans for its correspondent lenders and other insurance companies, pension funds, Wall Street conduits and commercial banks which are considered among the strongest and most active institutions in the real estate capital markets. For more information on this transaction please contact Mike Taylor at (206) 816-6816, Hans Siebert at (206) 816-6811, or Michael Heagerty at (415) 956-9854.