Property Type Office
Date January 19, 2016
Gantry has arranged total financing in the amount of $4,650,000 for properties in the Pinecroft Business Park located in Spokane Valley, Washington.
Gantry has arranged total financing in the amount of $4,650,000 for properties in the Pinecroft Business Park located in Spokane Valley, Washington. Pinecroft Business Park is one of the premier suburban office centers in the Spokane metro area.
The security for the loans includes two stabilized Class A office properties, together totaling over 75,000 square feet of prime office space. The two properties are located in a highly desirable area off Pines Avenue, a main arterial through Spokane Valley. Pinecroft Business Park was developed in several phases by the borrower, and the Park will continue to offer excellent opportunities to tenants seeking reasonable alternatives to space in Spokane’s CBD.
Demetri Koston, a Vice President of Gantry in Spokane, secured non-recourse financing for the borrower with Gantry’s correspondent life insurance companies. The interest rates for the loans were fixed for a period of 10-15 years, but additional loan terms were not disclosed. Mr. Koston has worked in Spokane since 2009.
Gantry is a full service mortgage banking firm with a strong lineup of correspondent lenders utilizing Gantry’s production, closing and servicing capabilities. In addition to arranging loans, Gantry is active in loan restructuring assignments through its Debt Advisory Group. Established in November 1991, Gantry is currently staffed by over 50 employees in seven regional offices throughout the western United States. The company services over $5 billion with nearly 800 loans. Gantry has been rated as a Primary Servicer by Standard and Poor’s and is one of a select few non-banking / non-insurance chartered companies with this designation.
For more information on this transaction contact Demetri Koston at (509) 378-8596 or Michael Heagerty at (415) 956-9854.