(EDITOR’S NOTE: According to earlier reporting by The Registry, the new ownership of SODO Urbanworks is Canadian investor Nicola Wealth Management.)
Artisan South Seattle Winery and Restaurant Compound Secures New Permanent Finance; Underwriting Reflects Finance Opportunities for Quality Retail Assets in Post Covid Recovery
Seattle, Wash. (June 29, 2021) – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $36 million in new permanent financing for SODO Urbanworks, an artisan wine compound featuring a dedicated mix of Washington state winery retailers and a craft hard seltzer brewer paired to unique food offerings and creative service environments.
Gantry’s Brian Bonipart and Michael Taylor, both principals in the firm’s Seattle office secured the new funding from a life company lender on behalf of the borrower, a private ownership entity.
After reviewing options and relevant structures, the Gantry production team secured a 5-year fixed rate loan term at 67% of the purchase price for the uniquely programmed retail property.
According to Gantry’s Brian Bonipart, “There is no doubt that the retail property sector has taken the brunt of the impacts from post Covid mitigation efforts, and that the social distancing mandates were an especially hard hit to culinary and hospitality retail properties that are regularly safer from growth of e-commerce screen-to-door trends. That is changing in rapid fashion with the rollout of vaccination programs. Essential retail and exceptional retail are back on the radar for many of Gantry’s life company and other top-tier debt sources, and our job is to work with sponsorship to understand their operating goals, articulate location fundamentals, and then identify the best financing option available from a host of viable correspondent and market-leading lenders.”
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. For more information, please visit gantryinc.com.