Seagate Properties secures a $45 million loan from John Hancock to refinance the 130,000-square-foot Montecito Plaza retail center in San Rafael.
Seagate Properties has refinanced Montecito Plaza, a 130,000-square-foot retail shopping center located at 209 Third St. in San Rafael, Calif. John Hancock originated the $45 million loan for the property, which sits on approximately 9 acres near U.S. Route 101 and Interstate 580.
Completed in 1958, the center is anchored by Trader Joe’s and Petco, with additional tenants including Chipotle, T-Mobile, and UPS. The facility features 370 parking spaces. Seagate Properties originally acquired the asset in 1995 for $5.8 million, and it was previously subject to a $46 million loan provided by Sun Life Financial in 2016.
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