Berkeley Offices with Diversified Rent Roll Land Permanent Loan

Gantry secured an $11.3-million permanent loan to refinance a six story, 83,557-square-foot, multitenant office tower at 2855 Telegraph Ave. in Berkeley. Originally built in the 1960s, the building is currently home to more than 35 tenants including professional services, medical offices and small businesses.

Director Tony Kaufmann and associate Alex Poulos secured the new loan on behalf of the undisclosed borrower. The 30-year, fixed rate loan was provided by one of Gantry’s correspondent life company lenders.

“Financing office properties in the current market cycle is doable when the right story is articulated,” said Kaufman. “Our life company lenders will consider conservative opportunities for buildings with diversified rent rolls, customizable multi-tenant floorplates and stable property performance before and during the pandemic.

“This property is at a strategic location in a high barrier to entry, urban market near a major university and regional hospital,” he continued. “Sponsorship has an active leasing and management team in place that is taking great care of the asset. Checking these boxes allowed us to work with one of our premier life company correspondents to lock in a favorable rate for a long-term hold.”