- Loan Amount: $40,000,000
- Financing Type: Permanent
- Property Description: Mixed-Use (Apartment/Historical Office)
Seattle, March 9, 2020 – Gantry, Inc., the largest independent commercial mortgage banking firm in the U.S., secured $40,000,000 in permanent financing for the Ainsworth & Dunn (A&D) Building and newly constructed 10 Clay Apartments in Seattle. The mixed-use residential and historical office project is located in the Waterfront neighborhood at 10 Clay St. and 2815 Elliott Ave.
The transaction was co-brokered by Gantry’s Mike Taylor and Mike Wood in Seattle. The pair arranged the 13.5-year term financing on behalf of A&D Partners LLC through Principal Global Investors.
Taylor said, “the borrower sought to lock-in a deal in the current low rate environment but had to overcome lenders’ reluctance to execute a transaction involving a co-working tenant. We were able to get the lenders comfortable with this deal because of the strong sponsor, the quality of the project and the track record of co-working firm Spaces, which occupies space in the office A&D Building.”
The newly-constructed 10 Clay Apartments consists of a six-story, 62-unit mixed-use mid-rise luxury apartment complex with more than 7,000 square feet of street level retail space. The redeveloped A&D Building is a three-story historic landmark building with 32,615 rentable square feet of commercial office space. The two buildings are connected by one level of subterranean parking and a ground-level breezeway between the buildings.
Gantry, a privately held company based in San Francisco, is a full-service commercial mortgage banking firm. Established in 1991 as Newmark Realty Capital, Gantry is staffed by 90 employees in its regional offices. Gantry is the correspondent/servicer on behalf of a roster of the leading life insurance, CMBS and Agency lenders in the nation, placing more than $4 billion per year in loans. Gantry’s national servicing platform exceeds $16 billion, representing more than 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.