Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a total of $34.3 million of loans to refinance four Seattle MSA 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 Borrower’s on an exclusive basis and worked with members of Gantry’s LA office on the last transaction. The assets that were financed included:

• Fremont Brewing Building (Industrial): Located at 4700 9th Ave NW in Seattle’s Ballard neighborhood. The 80,000-square-foot building is 100% occupied by craft brewer Fremont Brewing for their production operations. The five-year, fixed rate loan features 30-year amortization, funding a total of $11 million, provided by one of Gantry’s life company correspondents.

• Holgate Center (Flex-Office w/ Retail): Located at 1737 Airport Way in Seattle’s SoDo neighborhood. The 130,746-square-foot, multi-tenant building is home to a mix of traditional and non-traditional office tenants, an on-site deli, a retail building and multi-story structured garage.. The five-year, fixed rate loan features prepayment flexibility and 25-year amortization, funding a total of $7.2 million, provided by one of Gantry’s life company correspondents. Gantry’s George Mitsanas, Principal, and Alicia Sabanero, Associate, also worked on this transaction.

• Burke Building & 3400 Phinney/Ground Lease (Office/Industrial): Located at 449 N 35th St and 3400 Phinney Ave N, in Seattle’s Fremont neighborhood. The financing covers the ground  lease for a three-story office building and adjacent warehouse building. 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, provided by one of Gantry’s life company correspondents.

• Stonehedge Apartments (Multifamily/Retail): Located at 1220 N 45th St in Seattle’s Wallingford neighborhood. The property offers 44 apartment units over ground floor retail space and an adjacent free-standing rental home. The 10-year, fixed rate loan features full-term interest only, funding $9.1 million for the combined project, provided by one of Gantry’s life company correspondents.

According to Gantry’s Mike Wood, “Each of these unique Seattle real estate holdings featured an experienced sponsor operating a performing property. 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. Life company advantages are numerous. Rate lock at application. Competitive spreads. Non-recourse terms with no loan covenants or deposit relationship required. Certainty of close. Gantry’s time-tested relationships with our extensive roster of correspondents provides our clients with access to a range of options for permanent debt.”