Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $10.2 million permanent loan to refinance downtown Seattle’s historic Terminal Sales office building located at 1932 1st Ave, adjacent to the world-famous Pike Place Market, nearby restaurant and hospitality options and accessible mass transit. Originally delivered in 1925, the 11-story, 92,400-square-foot, class A building was renovated to serve as modern creative office space and includes street-level retail. Strong occupancy at the multi-tenant property includes a staggered lease roll of professional service, design and retail tenants thriving at a highly creative urban office address.

Gantry’s Mike Wood, Principal, and Tim Brown, Senior Associate, with the firm’s Seattle production office represented the borrower, a private real estate investor. The 10-year, fixed rate, non-recourse loan was secured from Gantry’s exclusive network of insurance company correspondent lenders with 25-year amortization. Gantry will service the loan for the lender.

According to Gantry’s Mike Wood, “The case for office dramatically improved over 2025, as assets began to trade at a new basis and return to office trends improved occupancy. Collectively, Gantry’s loan producers successfully completed $479 million of new office financings in 2025. We expect this momentum to accelerate into 2026 as our insurance correspondents grow more comfortable with the asset class again in an improving rate climate that is helping borrowers achieve necessary debt service and stability benchmarks.” 

Gantry’s Tim Brown added, “We have a long-term working relationship with sponsorship of the Terminal  Sales building. This allowed us to competitively retire a 10-year maturity Gantry originally placed with a fresh 10-year loan and is indicative of the property’s experienced sponsorship, strong metrics, active management, quality location, and an improving rate climate for permanent debt on office assets hitting necessary performance targets.”

The common themes defining Gantry’s $479 million of successful office financings in 2025 include the following property/portfolio characteristics:

•Experienced Sponsorship / Fresh Equity

•Acquisitions – New Basis / Achievable DSCR

•Refinance – Amortized Maturities / Stable Occupancy

•Multi-Tenant Occupancy / Staggered Lease Rolls

•Amenitized / Destination Location

•Strong Fundamentals / Demand Drivers