Gantry Secures $6M for Lake Union Office Property

Gantry has secured a $6.2 million permanent loan to refinance Lake Union Center, a 65,000-square-foot Class A office property located at 1441 N 34th Street in Seattle’s North Lake Union submarket.

Gantry’s Mike Wood, Principal, and Colin Ceithaml, Senior Associate, with the firm’s Seattle production office, secured the financing on behalf of the borrower, a private real estate entity. The 10-year loan features a fixed rate and 25-year amortization at conservative underwriting. The property is 100 percent leased and occupies a lakefront location featuring views of Lake Union, the Space Needle & Seattle skyline.

“This client was seeking to refinance a stabilized asset with substantial equity in place,” said Wood. Through a conservative underwriting process, we were able to pair them with an extremely low leverage financing to repatriate some equity and free up liquidity for future improvements and redemptions.”