Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a total of $21.2 million in two permanent loans to refinance maturing debt for a pair of medical office buildings in Coeur d’Alene and Sandpoint, North Idaho. The financing included a $9.7 million loan for a 38,000-square-foot property located at 423 N Third Ave in Sandpoint and a $11.5 million loan for a 60,000-square foot property at 1919 Lincoln Way in Coeur d’Alene. Both facilities feature outpatient and family medicine providers tied to local hospital systems.

Gantry’s Demetri Koston, Principal, and Abi Hunter, Director, with the firm’s Inland Northwest production team represented the single borrower for both loans, a private real estate investor. The 5-year, fixed rate loans were provided by a single pension fund lender from Gantry’s extensive roster of debt sources and include prepayment flexibility after with 30-year amortization.

According to Gantry’s Demetri Koston, “Medical office continues to outperform traditional office assets and is seeing consistent performance rewarded with attractive financing options. Gantry’s roster of life company correspondents and our pension fund affiliates are both top, competitive sources for stabilized, permanent debt options on quality medical office. For this pair of stable, cash flowing small-town assets, located near and affiliated with regional hospital facilities, we sourced several attractive, competitive options for consideration. Ultimately, our client targeted financing that could achieve maximum proceeds with prepayment flexibility and a fixed, amortizing rate reflecting strong metrics and fundamentals, leading us to a regional pension fund lender ready with the desired terms.”