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Gantry Secures Financing for Seattle Distressed Office
Gantry has secured a $3 million bridge loan to finance the acquisition and repositioning of Olympic Block, a historic Downtown Seattle mixed-use complex located at 101 Yesler Way. The nearly 75,000-square-foot creative office and ground-floor retail property is located at 101 Yesler Way.
Acquired through a deed-in-lieu of foreclosure, the financing was based on a reset 2024 valuation, recognizing current vacancy and related cash flow challenges. Gantry’s Mark Ritchie, Principal, and Alicia Sabanero, Associate, with the firm’s Los Angeles production office, represented the borrower, BH Properties. The three-year, fixed-rate loan was secured from one of Gantry’s correspondent insurance company lenders and features interest-only terms for its duration.
“This was a timely investment, where we are capitalized to acquire what we know to be a quality asset at a price marked to market for its performance in a challenging cycle,” said Jim Brooks, President at BH Properties. “This loan puts us on track to reposition Olympic Block and re-energize one of the premier creative office environments in downtown Seattle.”
