Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $3 million bridge loan to finance the acquisition and repositioning of Olympic Block, a historic Downtown Seattle mixed-use complex showcasing a unique blend of creative office space accentuated by the building’s exposed brick and beam ceilings, walls, and columns, perfectly embodying Pioneer Square’s irreplaceable history and promising future. Located at 101 Yesler Way, the nearly 75k square foot creative office and ground floor retail property features a lease-ready spec suite program for smaller space users looking for an iconic Seattle address.  Acquired through a deed-in-lieu of foreclosure, the financing was based on a reset 2024 valuation, recognizing current vacancy and related cash flow challenges.

Gantry’s Mark Ritchie, Principal, and Alicia Sabanero, Associate, with the firm’s Los Angeles (El Segundo) production office represented the borrower, BH Properties. The three-year, fixed rate loan was secured from one of Gantry’s correspondent insurance company lenders, and features interest-only terms for its duration.

According to Gantry’s Mark Ritchie, “This is an exciting time to be in this business. We’re fortunate to have institutional capital providers that recognize this is an opportune time to finance the acquisition of underperforming assets, particularly at a greatly discounted basis compared to just a few years ago. Our institutional lenders have great confidence in the Sponsor’s business plan, as they are among the most active and experienced in the space.

Jim Brooks, President of the sponsor, BH Properties shared, “This was a timely investment, where we are capitalized to acquire what we know to be a quality asset at a price marked to market for its performance in a challenging cycle. This loan puts us on track to reposition Olympic Block and re-energize one of the premier creative office environments in downtown Seattle.”

About BH Properties

BH Properties is a proven leader in commercial real estate investing. The company owns, operates and re-positions “value-add” real estate across the country. Over the past three decades, BH Properties has acquired and maximized the value of underperforming office, industrial, retail and multi-family properties, seeking out properties with excessive vacancy or otherwise in need of new vision. BH repositions these assets, patiently seeking out the right tenants for each asset. With upgrades and refurbishing, BH Properties successfully transforms its properties into attractive, consistently profitable investments. The dynamic management team is well known in the industry for quick decisions and quick closings.