|
|
9/23/24
|
Gantry has secured a total of $34.3 mil of loans to refinance four Seattle MSA assets owned by different and unaffiliated entities. Each transaction was funded through a life company lender and each structure provided the borrower with a non-recourse, fixed rate loan at competitive rates priced over the corresponding benchmark treasury indexes.
Gantry’s Mike Wood represented three of the borrowers and worked with members of Gantry’s LA office on the last transaction.
The assets that were financed included:
• Fremont Brewing Building (industrial): Located at 4700 9th Ave NW in Seattle’s Ballard neighborhood, the 80k sf building is 100% occupied by craft brewer Fremont Brewing for their production operations. The five-year, fixed rate loan features 30-year amortization, funding a total of $11 mil.
• Holgate Center (flex-office w/retail): Located at 1737 Airport Way in Seattle’s SoDo neighborhood., the 130.7k sf, multi-tenant building is home to a mix of traditional and non-traditional office tenants, an on-site deli, a retail building and multi-story structured garage. The five-year, fixed rate loan features prepayment flexibility and 25-year amortization, funding a total of $7.2 mil. Gantry’s George Mitsanas and Alicia Sabanero also worked on this transaction.
• Burke Building and 3400 Phinney/ground lease (office/industrial): Located at 449 N 35th St and 3400 Phinney Ave N, in Seattle’s Fremont neighborhood, the financing covers the ground lease for a three-story office building and adjacent warehouse building. The 10-year, fixed rate loan features partial-term interest-only payments followed by 30-year amortization, funding $7 mil for the cross-collateralized land leases.
• Stonehedge Apartments (multifamily/retail): Located at 1220 N 45th St in Seattle’s Wallingford neighborhood, the property offers 44 apartment units over ground floor retail space and an adjacent free-standing rental home. The 10-year, fixed rate loan features full-term interest only, funding $9.1 mil for the combined project.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
