Dealmaker: Gantry Secures $20M Office Refinance

(Esquire Plaza, Sacramento, Calif.)

Gantry, San Francisco, secured a $19.5 million permanent loan to refinance Esquire Plaza, a 22-story office tower in Sacramento, Calif.

The 307,000-square-foot property at 1213-1215 K Street in downtown Sacramento dates to 1990. Notable tenants include the Associated Press, California Building Industry Association, California Chamber of Commerce, California Hospital Association and Johnson & Johnson.

Gantry Director Murphy Osborne and Associate Crischell Bacarro secured the financing for a Sacramento-based sponsor.

“While office financing is challenging today, Esquire Plaza is a modern and highly amenitized Class A office tower with strategic relevancy from its direct proximity to the State Capitol,” Osborne said. “Its strong fundamentals paired to active and experienced sponsorship make it a case study for underwriting long-term debt for office properties post-COVID.”

Osborne noted Gantry’s correspondent life company lenders are looking to fund loans at attractive rates for office properties with committed sponsorship, a clear business plan, leasing demand and strong occupancy. “When these elements are in place, our life company correspondent lenders are a tremendous source for long-term, fixed-rate commercial mortgage options at attractive rates in this current market cycle,” he said.