(EDITOR’S NOTE: Per The Registry’s earlier reporting, the SoDo property was sold on January 21st for $21 million by a private investment group. The buyer is an entity called 1741 1st SODO LLC, which is affiliated with Bryan Syrdal and Chris Aggerholm, according to public records filed with King County and a statement by the acquisition team.)
Four-Story Mixed-Use Building 100-Percent Leased to Seattle’s Iconic Outdoor Apparel Retailer & Manufacturer; Net Lease Commercial Assets with Credit Tenants in Place Continue to Receive Low-Rate, Best-Option Finance Terms from a Wide Array of Lenders
Seattle, Wash. (March 9, 2021) – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a total of $13 million in acquisition financing for C.C. Filson’s (Filson) operations headquarters and flagship retail store at 1741 1st Ave S in Seattle, Wash. The funding supported the approximately $21 million purchase of the four-story, mixed-use office, retail and manufacturing space originally built in 1921 and extensively renovated in 2006.
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 investor. The loan was placed through a national bank, with terms featuring full term interest-only payments at a competitive interest rate.
According to Gantry’s Wood “While the historic nature of the 1921 property and its mixed-use format presented some obstacles for underwriting, those issues were ultimately dealt with by the long-term lease and commitment from a credit tenant with more than 100 years of operative history. For any real estate owner investing or invested in the single-tenant net lease space, right now is the time to strategically review assets to take advantage of historically low rates and attractive terms for both new acquisitions and refinancing.”
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 90 professionals in regional offices throughout the western United States and in New York. The company’s national servicing platform, valued at nearly $17 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.