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1441 Lake Union Center

Seattle, WA





February 27, 2024



Life Company Financing for 100% Leased, Class A Office Asset at High-Barrier-to-Entry, Lake Fronting Location Demonstrates Qualifying Attributes for Office Properties; Gantry’s Production Teams Work with Firm’s Correspondents Lenders to Identify and Underwrite Viable Office Sector Loans

Seattle, Wash. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $6.2 million permanent loan to refinance Lake Union Center, a 65,000-square-foot Class A office property located at 1441 N 34th St in Seattle’s North Lake Union submarket. The property is 100% leased and occupies a lake front location featuring sweeping views of Lake Union, the Space Needle & Seattle skyline, offering a top destination for Seattle’s leading tech companies.

Gantry’s Mike Wood, Principal, and Colin Ceithaml, Senior Associate, with the firm’s Seattle production office secured the financing on behalf of the borrower, a private real estate entity. The 10-year loan features a fixed rate and 25-year amortization at conservative underwriting.

According to Gantry’s Mike Wood, “This client was seeking to refinance a stabilized asset with substantial equity in place. Through a conservative underwriting process, we were able to pair them with an extremely low leverage financing to repatriate some equity and free up liquidity for future improvements and redemptions. While office remains the most challenging asset class to underwrite as market forces and cycle shifts impact both occupancy and values, this asset checked all the boxes for a qualifying loan including its lake front location, class A status, stable occupancy, and conservative leverage. Ultimately, working with a seasoned financial consultant to tell the right story to the right capital source will be the defining requirement for office property owners to weather the disruptions of the current cycle.”

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