Crescit Capital Strategies Originates Bridge Loan for 35,000-SF Retail Property in Tacoma, Washington
Crescit Capital Strategies continues its capital investment into U.S. retail assets. Today the commercial real estate finance platform announced they have successfully closed a $7,000,000 fixed-rate bridge loan for the refinancing of a 35,000-square-foot retail property in Tacoma, Washington. Crescit originated the 3-year fixed rate bridge loan with two one-year extension options.
“Crescit is pleased to partner with an owner, and a repeat borrower, that has a demonstrated history of acquiring assets and adding value through CapEx and leasing programs,” said Joseph Iacono, CEO of Crescit Capital Strategies. “Crescit’s fixed-rate loan option reduced the borrower’s interest rate risk and provided an attractive alternative to traditional floating rate loans which require the purchase of an interest rate cap.”
The Tacoma property has a diverse set 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 providing highly structured and flexible debt products across the capital stack. Crescit’s bridge lending program, which has already served clients in a dozen states and growing, provides loans typically of $15 million to $75 million. Guided by a leadership team with more than 90 years combined experience navigating commercial real estate investments, as principals, through volatile economic conditions, the firm has completed transactions for multiple asset classes across the country.
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