Crescit Capital Strategies makes bridge loans for 35,000 SF of retail properties in Tacoma, Washington
Crescit Capital Strategies continues its equity investments in US retail assets. Today, the commercial real estate financing platform announced that it has successfully closed a $7,000,000 fixed rate bridge loan to refinance a 35,000 square foot retail property in Tacoma, Washington. Crescit has launched the 3-year fixed rate bridging loan with two one-year extension options.
“Crescit is pleased to work with an owner and repeat borrower who has a proven history of acquiring assets and creating value through CapEx and leasing programs,” he said Joseph IaconoCHAIRMAN by Crescit Capital Strategies. “Crescit’s fixed rate loan option reduced the borrower’s interest rate risk and provided an attractive alternative to traditional adjustable rate loans that require the purchase of an interest rate cap.”
The Tacoma property has a variety of over fifteen retailers and is centrally located in Tacoma, 32 miles southwest of Seattle.
Crescit was founded in 2018 as a commercial real estate finance platform offering highly structured and flexible debt products across the capital stack. Crescit’s bridging loan program, which has served customers in a dozen states and continues to grow, typically offers loans in the range of $15 million to $75 million. Led by a leadership team with more than 90 years combined experience in navigating commercial real estate investments as principals through volatile economic conditions, the firm has completed transactions for multiple asset classes across the country.
(1 time visited, 14 visits today)