Seattle & Northwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

Seattle & Northwest  + Seattle  + Office  | 

Single-Tenant Assets Stay on Top with Lenders

Regardless of post-COVID challenges impacting property underwriting, single-tenant assets leased to creditworthy tenants remain a preferred product type for life company lenders and will achieve competitive financing terms, says a Gantry rep. And one single-tenant building had the right stuff for financing secured by the commercial mortgage banking firm.

Gantry recently secured $12.5 million in new financing for a single-tenant office property in Seattle’s South Lake Union submarket at 1144 Eastlake Avenue East. The building delivered in 2002 features seven stories, offering 82,000 square feet of rentable area.

Gantry’s Mike Wood and Alex Saunders with the firm’s Seattle production office identified and structured the loan on behalf of the borrower, a private real estate owner and long-time Gantry client. The 10-year loan refinanced existing obligations and was placed with State Farm on a full-term interest-only basis at a sub-2.5 percent rate. The new loan positions the asset to take advantage of historically low interest rates with a long-term structure that reflects its stabilized occupancy.

For comments, questions or concerns, please contact Lisa Brown

Connect

Inside The Story

Connect With Gantry

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
New call-to-action
New call-to-action
AvatarFinancialGroup-04-cube