Gantry Secures $12M Refi for Seattle Office Ground Lease
Commercial mortgage firm Gantry has secured a $11.7 million permanent loan to refinance the ground lease supporting a Class A office building in the Fremont District of Seattle. Located at 3400 Stone Way N, the five story, 121,000-square-foot building, which features nearly 17,000 square feet of ground-level retail, is currently the Seattle HQ for Brooks Sports, Inc.
“Life companies are uniquely positioned in the current market cycle to refinance at the best rates for performing assets facing a pending maturity,” said Gantry Principal Mike Wood who, along with Associate Alex Saunders, represented the borrower, a private real estate investor. “Refinancing office assets in the current market cycle will be challenging, and borrowers should be prepared to tell their story and demonstrate future relevance.”
According to Gantry, the 10-year, fixed-rate loan was provided by one the firm’s correspondent life company lenders.