Seven-Story, 82,000-Square-Foot South Lake Union Class B Building 100 Percent Leased to Seattle Cancer Care Alliance; Submarket’s Low Vacancy Supports Long-Term Fundamentals
Seattle, Wash. (February 17, 2021) – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $12.5 million in new financing for a single tenant, 100% lease office property in Seattle’s South Lake Union submarket at 1144 Eastlake Avenue E. The building, delivered in 2002, features seven stories offering 82,000 square feet of rentable area.
Gantry’s Mike Wood, Principal, and Alex Saunders, Associate, with the firm’s Seattle production office identified and structured the loan on behalf of the borrower, a private real estate owner and longtime client of Gantry’s. The 10-year loan refinanced existing obligations and was placed with State Farm on a full-term interest-only basis at a sub 2.50% rate.
The new loan positions the asset to take advantage of current historically low interest rates with a long-term structure that reflects its stabilized occupancy. The existing lease with the Seattle Cancer Care Alliance, which is celebrating 20 years of continuous operations in 2021, spans the significant majority of the loan’s term.
According to Gantry’s Wood, “Regardless of post COVID challenges impacting property underwriting, single tenant assets leased to creditworthy tenants remain a preferred product type for our life company lenders and will achieve very competitive financing terms. Gantry’s correspondent relationships put us in the unique position to understand both borrower and lender priorities and identify the best solutions for meeting the goals of each party in the loan structure.”
Gantry is the largest independently held, full-service commercial mortgage banking firm in the United States. Established in 1991 and headquartered in San Francisco, Gantry has expanded across the country and is staffed by 90 employees in regional offices in Los Angeles, Newport Beach, Seattle, Spokane, Phoenix, Las Vegas, Buffalo, and Portland. Gantry is the correspondent/servicer for a roster of the leading life insurance, CMBS and Agency lenders across the nation, placing more than $4 billion in loans per year. Gantry’s national servicing platform exceeds $16 billion, representing over 2,000 loans located in 40 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.