Gantry, a commercial mortgage firm, has secured a $11.7 million permanent loan to refinance the ground lease of a Class A office building in Seattle’s Fremont District. The five-story building at 3400 Stone Way N features 121,000 square feet of space and nearly 17,000 square feet of ground-level retail – currently home to Brooks Sports Inc.’s Seattle HQ.
Principal Mike Wood and Associate Alex Saunders represented the borrower – a private real estate investor – in securing this 10-year fixed rate loan from one Gantry’s correspondent life company lenders.
“Life companies are uniquely positioned in the current market cycle to refinance at best rates for performing assets facing pending maturity,” said Wood. “Refinancing office assets is challenging right now so borrowers should be prepared with their story and demonstrate future relevance.”
