Gantry Inc., the largest independent commercial mortgage banking firm in the U.S., secured $10,500,000 in permanent refinancing for a 45,316-square-foot, multi-tenant office building in San Rafael, Calif. Gantry’s Robert Slatt, Principal, Jeff Wilcox, Principal, and Charlie Kokernak, Senior Associate, arranged the 10-year, 30-year amortization term loan through a correspondent life insurance company.

Gantry’s Slatt said, “We built a relationship with this borrower when we processed the loan assumption back in 2016. This new loan assignment was marketed prior to the Covid-19 pandemic and the ensuing shelter-in-place orders. Those presented challenges as we navigated through the process, but the lender stood tall and honored the original transaction with no changes or added structure.”

The six-story property is located at 1299 Fourth Street in Downtown San Rafael and was built in 1963. The asset is 98% occupied and the ground floor is leased to Chase.

Gantry’s Wilcox said, “The property is surrounded by a dense mix of multi-story buildings within the downtown core and is highly walkable to many local amenities including a host of local businesses and dining options. Those factors checked many boxes the lender sought to supplement the building’s strong lease performance and market fundamentals.”