Property Type Office
Financing Type Acquisition
Date December 8, 2022
Spokane Region, Multi-Tenant, Suburban Office Building Acquired at Low Leverage as Legacy Hold Investment; Sponsor Selects Gantry for Exclusive Representation to Finance Purchase
Spokane, Wash. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $3.0 million of permanent financing for the acquisition of Liberty Square, a 29,000-square-foot office building located in Liberty Lake, Wash., a suburban community within the Spokane Metro Area. The two-story property features an architecturally distinctive glass curtain wall, two-story lobby, and finished basement.
Gantry’s Demetri Koston, Principal in Spokane, and Crischell Bacarro, Associate, secured the financing on behalf of the borrower, a private investor. The loan terms include a very competitive fixed rate, 25-year amortization, plus being immediately open to full or partial prepayment at any time with no penalties.
According to Gantry’s Demetri Koston, “This transaction indicates that quality office properties with strong fundamentals in suburban communities are still relevant with lenders. Gantry covered the market and delivered the most compelling options to the Borrower for consideration. As typical with the Gantry process, the combination of our local market expertise and our national scale allows us to help the Borrower secure optimal financing.”