Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a permanent loan to refinance a near-term maturity for the Nob Hill Shopping Center located at 2204 W. Nob Hill Blvd in Yakima, a Central Washington MSA. The 88,500-square-foot center is home to a Safeway grocery store and gas station, national pharmacy tenant, and a set of inline restaurants, fitness, and professional services tenants.

Gantry’s Tony Kaufmann, Principal, and Erinn Cooke, Senior Associate, with Gantry’s San Francisco production office secured the loan on behalf of the borrower, a private retail real estate investment company. The 30-year, fixed rate loan was provided by one of Gantry’s correspondent life company lenders.

According to Gantry’s Kaufmann, “Gantry is well positioned in the current cycle to provide optimized debt solutions for retail property owners through our extensive network of life company correspondents. Outside of traditional enclosed malls, stabilized retail assets are a primary allocation for their 2024 programs. We still compare our correspondents to other programs available from an extensive roster of bank, conduit, debt fund, and private debt sources to ensure we are placing an individual client with the best loan for their investment model and property goals. Consistently, we are concluding that an insurance company financing is the best solution where leverage is conservative and historical performance demonstrative.”