Gantry has successfully obtained a $3 million bridge loan to fund the purchase and revitalization of Olympic Block, a mixed-use complex located at 101 Yesler Way in Downtown Seattle. The property consists of approximately 75,000 square feet and includes both creative office space and ground-floor retail units.
The financing was secured through a deed-in-lieu of foreclosure arrangement. It is based on an updated valuation for the year 2024, taking into account current vacancy rates and associated cash flow challenges. Mark Ritchie, Principal at Gantry’s Los Angeles office, along with Associate Alicia Sabanero represented BH Properties – the borrower – in this transaction. The three-year loan carries a fixed interest rate and was obtained from one of Gantry’s correspondent insurance company lenders. Additionally, it offers interest-only terms for its entire duration.
According to Jim Brooks – President at BH Properties – this investment came at an opportune time as they were able to acquire a high-quality asset that reflects market conditions during these challenging times.” He further added that this loan will enable them to reposition Olympic Block into one of downtown Seattle’s premier creative office spaces once again.
