December 13, 2022
22-Story K Street Tower Strategically Located Adjacent to California State Capitol; Well Managed, High Quality Office Properties Finding Attractive Commercial Mortgage Options When Demonstrated Leasing and Long-Term Market Fundamentals Support Post COVID Relevancy
Sacramento, Calif. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $19.5 million permanent loan to refinance Esquire Plaza, a 22-story, 307,000-square-foot, Class A office tower anchoring Sacramento’s Governmental Affairs District skyline. Notable tenants include the Associated Press, California Building Industry Association, California Chamber of Commerce, California Hospital Association, Johnson & Johnson, and others.
Gantry’s Murphy Osborne, Director, with the firm’s San Francisco office and Crischell Bacarro, Associate, secured the financing on behalf of a prominent local sponsor.
According to Gantry’s Murphy Osborne, “While office financing is challenging today, Esquire Plaza is a modern and highly-amenitized Class A office tower with strategic relevancy from its direct proximity to the State Capitol. Its strong fundamentals paired to active and experienced sponsorship make it a case study for underwriting long-term debt for office properties post COVID. Our correspondent life company lenders are looking to fund loans at attractive rates for superior office properties with committed sponsorship, a clear business plan, leasing demand, and strong occupancy. When these elements are in place, our life company correspondent lenders are a tremendous source for long-term, fixed rate commercial mortgage options at attractive rates in this current market cycle.”