Property Type Office
Financing Type Refinance
Date August 25, 2020
Originally built in 1990 and later renovated in 2013, the 31,377-square-foot office building is 100% owner-occupied a local media management company.
Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $13,000,000 in financing for an office building in Burbank, CA. The three-story building sits on top of a subterranean parking garage, and is located just north of the Burbank Media District.
Originally built in 1990 and later renovated in 2013, the 31,377-square-foot office building is 100% owner-occupied a local media management company. The property is located in a strong infill office market with 5% vacancy and benefits from its proximity to dining, retail, and entertainment destinations.
Gantry’s Adam Parker and Andy Bratt, Principals, along with Chad Metzger, Senior Associate, arranged the regional bank loan for a repeat client of Gantry. The financing was structured as a 5-year term amortized over 25 years with a flexible prepayment penalty.
Gantry’s Parker said, “The timing of the loan request was a real challenge. We were marketing the request at the end of March, while most of the country was under shelter-in-place orders, and many lenders were exclusively working on PPP loans for their existing clients. Ultimately, we were able to find the right lender that recognized the property’s superior location while also understanding that the tenant was positioned to thrive in a pandemic environment that forced many people to stay in their homes streaming content.”