Gantry has arranged a $16 million permanent loan to refinance maturing debt on Russell Hall, a mixed-use property in Seattle’s University District. The asset is located at 1414 NE 42nd St, directly adjacent to the University of Washington campus and positioned along The Ave, a retail and hospitality corridor that serves students, faculty, and neighborhood residents.
The six-story building totals 62,400 square feet and combines multifamily, office, retail, and parking uses in a single footprint. The property includes 120 subterranean parking stalls that support both residents and commercial tenants. The ground floor is configured for retail uses, including restaurant space, and benefits from pedestrian access to nearby shopping, dining, and academic amenities concentrated around the university and The Ave.
Above the street-level retail, Russell Hall provides three floors of office space, offering proximity to the University of Washington and the surrounding institutional and commercial tenants in the district. The top two floors of the building are dedicated to residential use, with 30 apartment units. The multifamily component features a mix of studio, one-bedroom, and two-bedroom floor plans, reflecting demand for a range of unit types in this university-adjacent location.
The refinancing was arranged by Gantry professionals based in the firm’s Seattle production office. The team consisted of Mike Wood and Mike Taylor, both Principals, along with Tim Brown, Senior Associate. They represented the borrower, described as a private real estate investor, in securing the new loan to take out the property’s existing maturing debt.
The execution resulted in a five-year, fixed-rate, non-recourse loan provided by one of Gantry’s correspondent life insurance company lenders. The financing structure includes partial-term interest-only payments, aligning with the borrower’s objectives for the hold period while maintaining permanent loan characteristics. Gantry will continue its involvement with the asset by servicing the loan on behalf of the lender, consistent with the firm’s correspondent lending relationships.
This refinancing underscores ongoing lender interest in mixed-use properties that combine residential, office, and retail space near major academic institutions. With diversified income streams and a location adjacent to the University of Washington and The Ave, Russell Hall benefits from steady demand drivers across its residential, office, and ground-floor commercial components. The new loan replaces the previous debt as it approached maturity and positions the private investor for the next phase of ownership under a refreshed capital structure.
