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7/14/22
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GANTRY - Mark Ritchie, Mike Wood and Alex Saunders with Gantry secured a $35.45 mil, fixed-rate, permanent loan to refinance a single tenant, five-story, 200k sf office building located at 1601 Lind Ave SW in the Seattle suburb of Renton. Property ownership recently signed a long-term lease with the University of Washington Medicine - Department of Laboratory Medicine and Pathology. The property will support education, laboratory, office, and administrative uses. The borrower was an entity controlled by Los Angeles-based BH Properties. The 20-year, fixed-rate loan was placed with a life company lender at an attractive rate.
NORTHMARQ - Andy Slaton with Northmarq arranged acquisition financing of $12.7 mil for The Rotunda Garage. The parking garage building (built in 2006) contains 346 spaces and is located at 529 17th St in Oakland’s central business district. The transaction was structured with a five-year term with three years of interest-only payments followed by a 30-year amortization schedule. The bridge loan was funded through a regional bank. The sponsor was also acquiring the adjacent 265k sf historic Rotunda Building, served by the garage, but the garage was to be financed on a standalone basis.
BRIDGECORE CAPITAL - BridgeCore Capital Inc closed a $2.639 mil bridge loan on a Barnes & Noble property in Medford, OR. The borrower needed a quick-closing bridge loan to finance a time-sensitive purchase of a 1031 Exchange replacement. BridgeCore rescued the deal without requiring an appraisal report, after a credit union decided not to move forward because of global cash flow issues, despite the borrower’s significant liquidity and net worth. The deal has an interest rate of 7.00% during the entire loan term to reduce total loan costs, with the remaining interest accruing to loan pay-off without compounding interest. The 12-month term is allowing the borrower the necessary time to execute an exit strategy and refinance with a conventional loan.
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