An $11.3-million permanent loan was secured to refinance a six story, 83,557-square-foot, multitenant office tower at 2855 Telegraph Ave. in Berkeley. The building was originally constructed in the 1960s and is now home to more than 35 tenants comprising professional services providers, medical offices and small businesses. Director Tony Kaufmann and associate Alex Poulos represented the undisclosed borrower for this transaction with one of Gantry’s correspondent life company lenders providing the 30 year fixed rate loan facility.
Kaufman commented that financing office properties during current market conditions can be achieved when an appropriate narrative is presented; “Our life company lenders will consider conservative opportunities for buildings with diversified rent rolls, customizable multi-tenant floorplates and stable property performance before as well as during the pandemic.” He further added that this particular asset has a strategic location near a major university & regional hospital which allowed them to work with one of their premier life company correspondents & lock in favorable rates for long term hold purposes.
