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.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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