Class B Office Tower
June 18, 2023
Multi-Tenant Berkeley Office Building; Located Near UC Berkeley, Alta Bates Summit Medical Center, Telegraph Avenue/SR-13 Corridor, and BART; Life Company Loan at Competitive Rate Replaces Maturing CMBS Loan
Berkeley, Calif. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $11.3 million permanent loan to refinance a six story, 83,557-square-foot, multitenant office tower at 2855 Telegraph Ave in Berkeley, Calif. The building, originally built in the 1960s, is currently home to more than 35 tenants including professional services, medical offices, and small businesses.
Gantry’s Tony Kaufmann, Director, and Alex Poulos, Associate, secured the new loan on behalf of the borrower. The 30-year, fixed rate loan was provided by one of Gantry’s correspondent life company lenders.
According to Gantry’s Tony Kaufmann, “Financing office properties in the current market cycle is doable when the right story is articulated. Our life co lenders will consider conservative opportunities for buildings with diversified rent rolls, customizable multi-tenant floorplates, and stable property performance before and during the pandemic. This property is at a strategic location in a high barrier to entry, urban market near a major university and regional hospital. Sponsorship has an active leasing and management team in place that is taking great care of the asset Checking these boxes allowed us to work with one of our premier life company correspondents to lock in a favorable rate for a long-term hold. With most banks either out of the market or offering uncompetitive terms, our correspondent life co lenders are proving to be the most competitive and reliable financing sources in the market.”