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Seattle & Northwest  + Seattle  + Finance  | 

Single-Tenant Net Lease Owners See Financing Opportunities

Acquisition financing was recently secured for C.C. Filson’s headquarters and flagship retail store at 1741 1st Ave. South in Seattle. The funding supported the approximately $21 million purchase of the four-story mixed-use office, retail and manufacturing space originally built in 1921 and extensively renovated in 2006.

Gantry secured the $13 million in financing. 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 investor. The loan was placed through a national bank, with terms featuring full term interest-only payments at a competitive interest rate.

“While the historic nature of the 1921 property and its mixed-use format presented some obstacles for underwriting, those issues were ultimately dealt with by the long-term lease and commitment from a credit tenant with more than 100 years of operative history,” says Wood. “For any real estate owner investing or invested in the single-tenant net lease space, right now is the time to strategically review assets to take advantage of historically low rates and attractive terms for both new acquisitions and refinancing.”

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Learn More About C.C. Filson

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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