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Gantry Secures $35M to Refi Seattle Region Office Tower
Gantry has secured a $35 million permanent loan to refinance 1201 Pacific, a 305,000-square-foot class A office tower in Tacoma, Wash. The LEED Gold-certified building is nearly 90% leased, and the 25-story tower is located in the heart of the city’s central business district.
Gantry’s Mike Taylor, Principal, and Jeff Ballaine, Senior Director, with the firm’s Seattle production office, represented the borrower, Unico. The 10-year, fixed-rate, non-recourse loan was provided by one of Gantry’s correspondent insurance company lenders.
“While underwriting any office asset is challenging in the current climate and many lenders have completely pulled back from lending on any office properties, by working closely with both borrower and lender we were able to underwrite this signature tower and arrange financing with an attractive long term fixed rate loan that supported the borrower’s objectives and worked for the lender,” said Taylor.
“Unico has been a preeminent commercial real estate operator in the Seattle Region for many decades and their dedicated management program for 1201 Pacific has resulted in a continued high occupancy.”
