Updated Jun 2, 2026
Wick Polite Of Seagate Properties Secures $45 Million Refinance Loan For Retail Center In San Rafael
209 Third Street
$45,000,000
$346/SF
Building Size
130,000 SF
Asset Type
Retail
Closing
May 27, 2026
About this deal
AI
Montecito Plaza Shopping Center is a retail asset located at 209 Third Street in San Rafael, CA. The property spans 130,000 square feet and sits on a 9-acre site. The center is strategically positioned near U.S. Route 101 and Interstate 580, enhancing its accessibility within a retail market that is experiencing stable interest from institutional investors.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $45,000,000
- Lender: John Hancock
- Landlord: Wick Polite - Seagate Properties
- Loan Type: Refinance
- Market: San Rafael, CA
This transaction involved Wick Polite representing Seagate Properties as the landlord in the refinancing of the retail center, which is anchored by notable tenants including Trader Joe’s and Petco, underscoring the property's tenant mix and market positioning.
On the Map
$45,000,000
$346/SF
Retail
View full map
Players
Market Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
Loading comparables…
Deal FAQ
Browse California retail loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.35%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93