REBusinessOnline

Buchanan Street Partners Closes $16M Construction Loan for Retail Development Near Seattle

PUYALLUP, WASH. — Buchanan Street Partners has provided a $16 million non-recourse bridge loan to Net Lease Alliance to resume and complete construction of a retail center in Puyallup.

Located at 301 37th Ave. SE, the 125,100-square-foot project is fully preleased to 24 Hour Fitness and At Home, a retail chain specializing in home décor products. Buchanan Street closed the loan in two weeks to enable the timely completion of the project and meet tenant commencement dates by year-end and the first quarter of 2019.

Target Rock Partners represented Net Lease Alliance in the transaction.

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