### Gantry Secures $21M CMBS Refinance for Escondido County Offices
Gantry has successfully arranged a $21-million permanent loan to refinance the North Inland Live Well Center in Escondido, located at 649 W. Mission Ave. The property, situated in an inland North County suburb of San Diego, is owned by a private real estate investor responsible for its original redevelopment.
Spencer Fisher, Director at Gantry’s Los Angeles production office, represented the borrower in securing the 10-year CMBS loan. The financing, sourced from one of Gantry’s conduit lending partners, features a 30-year amortization schedule and non-recourse terms.
“All office financings in this market are a challenge, but our borrower elected to start working on and close this office refinance well in advance of an existing loan maturity, which I think is prudent as there is only so much room for office assets within these CMBS pools,” said Fisher.
The 111,000-square-foot office facility was redeveloped in 2015 from a former big-box retail building that previously housed Office Depot and Albertsons. The property is fully leased and continues to include a small portion of retail space occupied by restaurant tenants.
