Property Type Mixed
Date February 5, 2020
“Our task was to identify lenders who could meet the timeline of the purchase agreement and provide terms that are in line with the borrower’s needs. After reaching terms on the Virginia Mason clinic, our borrower decided to place a similar loan on Snoqualmie Ridge Plaza on which they had no debt.”
Gantry, the largest independent commercial mortgage banking firm in the U.S., has arranged permanent financing in the amount of $24,000,000 for a two-property portfolio consisting of a New Virginia Mason Clinic on Bainbridge Island, and a Safeway-anchored retail center in Snoqualmie, WA.
Snoqualmie Ridge Plaza is a 64,000-square-foot Safeway-anchored shopping center that includes a 43,000-square-foot Safeway grocer, a 15,000-square-foot Bartell Drug, Starbucks, MOD Pizza, and Safeway Fuel. The center was constructed in 2017 and is 100% leased.
Virginia Mason Clinic is a 30,000-square-foot, two-story medical office building constructed in 2018. The entire property is leased to Virginia Mason Medical Center, which operates it as a multi-disciplinary medical facility offering both primary and specialty care services.
Working on an exclusive basis, Michael Taylor, Principal, and Patrick Taylor, Senior Associate, of Gantry’s Seattle office, arranged the financing for the property owner through Principal Real Estate Investors.
“A longtime client purchased the Virginia Mason Clinic on Bainbridge Island,” said Mike Taylor of Gantry. “Our task was to identify lenders who could meet the timeline of the purchase agreement and provide terms that are in line with the borrower’s needs. After reaching terms on the Virginia Mason clinic, our borrower decided to place a similar loan on Snoqualmie Ridge Plaza on which they had no debt. Principal Real Estate Investors were able to provide a loan with terms that best matched the priorities of our borrower.”
Gantry, an independently-held company based in San Francisco, is a full-service mortgage banking firm with an extensive lineup of correspondent lenders and loan production, closing and servicing capabilities. Established in 1991, Gantry is currently staffed by over 75 employees in regional offices throughout the United States. In 2019, Gantry closed over $3.1 billion in loan production and grew its national servicing platform to $13 billion, encompassing over 1,500 loans located in 41 states. Rated as a Primary Servicer by Standard & Poor’s, Gantry is one of a select few non-banking/non-insurance chartered companies with this designation.