Dealmaker: Gantry Secures $34.3M in Seattle-Area Transactions

(Fremont Brewing Building, courtesy of Gantry)

Gantry, Seattle, announced it secured $34.3 million in new loans to refinance four Seattle-area assets owned by different and unaffiliated entities.

Each transaction was placed with one of Gantry’s life company correspondent lenders and each structure provided the borrowers with non-recourse fixed rate loans at competitive rates priced over the corresponding benchmark treasury indexes.

Gantry’s Mike Wood, Principal, with the firm’s Seattle production office, represented three of the borrowers on an exclusive basis and worked with members of the firm’s Los Angeles office on the last transaction. 

One asset was the Fremont Brewing Building, an industrial property that is occupied by Fremont Brewing, a craft brewer, for its production operations. The five-year, fixed rate loan features 30-year amortization, funding a total of $11 million.

Another was Holgate Center, a flex-office with retail asset. It has a mix of a traditional and nontraditional office tenants and retail. The five-year, fixed rate loan features prepayment flexibility and 25-year amortization, funding a total of $7.2 million. Gantry’s George Mitsanas, Principal, and Alicia Sabanero, Associate, also worked on this transaction.

A third is the Burke Building & 3400 Phinney/Ground Lease, an office/industrial asset. It has a three-story building and warehouse space. The 10-year, fixed rate loan features partial term interest only followed by 30-year amortization, funding $7 million for the cross-collateralized land leases.

Finally, there was Stonehedge Apartments, a multifamily asset with retail space. The 10-year, fixed rate loan features full-term interest only, funding $9.1 million for the combined project.

“Each of these unique Seattle real estate holdings featured an experienced sponsor operating a performing property,” Wood said. “For any client in this situation facing a maturity in the current cycle, we continue to see life company permanent loan programs as offering the best options in today’s market.”