February 15, 2021
The property resides in Seattle’s South Lake Union submarket at 1144 Eastlake Avenue E.
Seattle, Wash. (February 17, 2021) – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $12.5 million in new financing for a single tenant, 100% lease office property in Seattle’s South Lake Union submarket at 1144 Eastlake Avenue E. The building, delivered in 2002, features seven stories offering 82,000 square feet of rentable area.
Gantry’s Mike Wood, Principal, and Alex Saunders, Associate, with the firm’s Seattle production office identified and structured the loan on behalf of the borrower, a private real estate owner and longtime client of Gantry’s. The 10-year loan refinanced existing obligations and was placed with State Farm on a full-term interest-only basis at a sub 2.50% rate.
The new loan positions the asset to take advantage of current historically low interest rates with a long-term structure that reflects its stabilized occupancy. The existing lease with the Seattle Cancer Care Alliance, which is celebrating 20 years of continuous operations in 2021, spans the significant majority of the loan’s term.
According to Gantry’s Wood, “Regardless of post COVID challenges impacting property underwriting, single tenant assets leased to credit worthy tenants remain a preferred product type for our life company lenders and will achieve very competitive financing terms. Gantry’s correspondent relationships put us in the unique position to understand both borrower and lender priorities and identify the best solutions for meeting the goals of each party in the loan structure.”