Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $9.5 million loan for the acquisition of a mid-rise office campus located at 2025 & 2035 NE Cornelius Pass Rd in Hillsboro, Ore., a Portland MSA suburb.  The 17.7-acre campus houses two high-quality, five-story office buildings, totaling 226,000 square feet of space and were purchased for a total of $17 million.  Current occupancy includes high-profile credit tenants with borrower plans for a strategic leasing program already underway.

Gantry’s Mark Ritchie, Principal, and Keegan Bridges, Associate, with the firm’s Los Angeles office represented the borrower, a Los Angeles-based private investor. The fixed-rate, interest-only loan was secured from one of Gantry’s correspondent insurance company lenders.

According to Gantry’s Mark Ritchie, “We are seeing insurance company capital willing to finance office acquisitions in some markets and we expect to see more assets trading as current owners and lenders choose to get office buildings off of their books. Gantry’s long-time relationships with our correspondent lenders have proven to be critical in order to fund office debt.  This loan reflects a timely acquisition at a low-cost basis reflecting current occupancy. Most importantly today, sponsorship matters. The sponsor has extensive experience in purchasing and turnarounds of these kind of assets.”