(Editor’s Note: Public information shows that the building owner is an entity affiliated with Unico Properties and Partners Group. According to a source in the industry the land lease was Fremont Dock Co.)
Prime Fremont Parcel Home to 121,000-Square-Foot Office Building with Street Level Retail; Life Company Lenders Remain Active in Disrupted Market Climate, Underwriting to Sponsorship Quality and Asset Performance Across All Property Classes, Including Office in Select Cases
Seattle, Wash. (April 17, 2023) – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $11.7 million permanent loan to refinance the ground lease supporting a Class A office building in Seattle’s Fremont neighborhood. The property, located at 3400 Stone Way N, is occupied by a five-story, 121,000-square-foot office building featuring 16,700 square feet of fully leased, street-level retail space. The office component is currently occupied as the headquarters for Seattle-based Brooks Sports Inc.
Gantry’s Mike Wood, Principal, and Alex Saunders, Associate, with Gantry’s Seattle production office represented the borrower, a private real estate investment entity. The 10-year, fixed rate loan was provided by one of Gantry’s correspondent life company lenders.
According to Gantry’s Mike Wood, “Life companies are uniquely positioned in the current market cycle to refinance at the best rates for performing assets facing a pending maturity. Refinancing office assets in the current market cycle will be challenging, and borrowers should be prepared to tell their story and demonstrate future relevance. Property, historic and continued performance of the office and retail components of the structure tied to a seasoned and well capitalized sponsor for the ground lease attracted one of our top correspondent life companies after a careful review of options across all lender types.”
Gantry, a privately held company headquartered in San Francisco, is a full-service mortgage banking firm with an extensive lineup of correspondent lenders utilizing Gantry’s production, closing, and servicing capabilities. Established in 1991, Gantry is currently staffed by nearly 100 professionals in regional offices throughout the western United States and in New York with over 45 production teams that originated nearly $5 Billion in the last 12 months. The company’s national servicing platform of approximately $17.5 billion represents more than 2,000 loans located in 43 states. Gantry is rated as a Primary Servicer by Standard & Poor’s and is one of a select few non-banking/non-insurance-chartered companies with this designation.