Property Type Office
Financing Type Acquisition
Date June 22, 2021
The recently acquired portfolio encompassing 13 flex-office and Industrial R&D buildings in two office parks located in the Seattle submarkets of Redmond (eight buildings) and Bothell (five buildings).
Seattle, Wash. (June 23, 2021) – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $86 million of new financing to recapitalize the equity of a recently acquired portfolio encompassing 13 flex-office and Industrial R&D buildings in two office parks located in the Seattle submarkets of Redmond (eight buildings) and Bothell (five buildings).
Gantry’s Murphy Osborne, director with the firm’s San Francisco production office, secured the new funding from one of Gantry’s correspondent life company lenders on behalf of the borrower, a privately held ownership entity. After reviewing options, Osborne secured a sub 3.5% fixed rate over a 25-year fixed rate term at approximately 55% LTV, a structure meeting the borrowers long-term hold objectives.
Essentially 100-percent leased at the time of the placement, these stabilized assets took advantage of the extremely attractive permanent financing options currently being offered by life company lenders to qualified borrowers. In 2020, Gantry ranked fourth nationally in number of commercial loans placed with life companies and has extensive experience pairing borrowers to best option structures with an extensive roster of top-tier correspondent lenders.
According to Gantry’s Murphy Osborne, “The competition from lenders for high quality assets in the current market cycle provides a wide array of options for meeting different ownership strategies. For any borrowers seeking a long-term hold, life company debt is an extremely attractive option in today’s rate environment. Gantry’s expertise in originating and underwriting life company debt to our range of allied correspondent lenders is a strength of our platform. These relationships allow us to review each client assignment for its unique attributes and then pair it to the best option identified from by time-tested and relevant experience.”