Crescit Capital Strategies has successfully closed a $7 million fixed-rate bridge loan for the refinancing of a 35,000-square-foot retail property in Tacoma, WA. The asset has a diverse set of 15 retailers and is centrally located in Tacoma, about 30 miles southwest of Seattle.

“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, the firm’s CEO. “Our fixed-rate loan option reduced the borrower’s interest rate risk and provided an attractive alternative to traditional floating rate loans which require an interest rate cap.”

The deal represents one of several transactions that Crescit has completed in the area and follows their recent $22 million loan in Marysville, WA.