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. Three of the assets included office or industrial properties, and the fourth property was a multifamily asset known as Stonehedge Apartments located at 1220 N 45th Street in Seattle’s Wallingford neighborhood.
Stonehedge Apartments 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.
Each transaction was funded through a life company lender and each structure provided the borrower with a non-recourse, fixed rate loan 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 borrowers on an exclusive basis and worked with members of Gantry’s L.A. office on the last transaction.
“Each of these unique Seattle real estate holdings featured an experienced sponsor operating a performing property,” Wood said. “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.”
At Gantry, independent thinking is in our genes. As a privately held commercial mortgage banking firm, we take a thoughtful and intentional approach to everything we do. So, as our industry consolidates and becomes less personal, we push ourselves to ignore convention, to set a high standard and to always prioritize people ahead of profits. With over 30 years of experience managing an $18 billion national servicing portfolio, our firm leverages a well-established correspondent-driven platform to construct the best financing solutions for our clients. For those seeking a partner that delivers more, we’re a little different. The right kind of different.
