Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $35 million permanent loan to refinance 1201 Pacific, a 305,000-square-foot class A office tower in Tacoma, Wash. The LEED Gold certified building is nearly 90% leased. Rising above the Tacoma skyline in the heart of the port city’s CBD, the 25-story tower offers panoramic views of Commencement Bay, Mt. Rainier and both the Olympic and Cascade Mountains.

Gantry’s Mike Taylor, Principal, and Jeff Ballaine, Senior Director, with the firm’s Seattle production office represented the borrower, Unico. The 10-year, fixed rate, non-recourse loan was provided by one of Gantry’s correspondent insurance company lenders.

According to Gantry’s Mike Taylor, “ While underwriting any office asset is challenging in the current climate and many lenders have completely pulled back from lending on any office properties, by working closely with both borrower and lender we were able to underwrite this signature tower and arrange financing with an attractive long term fixed rate loan that supported the borrowers objectives and worked for the lender. We have also worked with both borrower and lender since the last century and that long term relationship gave them confidence in our ability and trust in our advice.  Unico has been a preeminent commercial real estate operator in the Seattle Region for many decades and their dedicated management program for 1201 Pacific has resulted in a continued high occupancy.”