Two Suburban Business Parks
March 30, 2021
Properties include four office buildings in Draper, Utah and two office buildings in Bellevue, Washington.
Seattle, Wash. (April 2, 2021) – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $17.5 million to refinance two suburban office parks in two states, owned by a Seattle-based private family office.
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. The 10-year loan was placed through Securian, with terms featuring a competitive interest rate tied to the portfolio’s strong fundamentals and stabilized occupancy.
The multi-tenant office park portfolio, located in Utah and Washington, encompass a total of 184,256 rentable square feet. Properties include four, two-story office/warehouse buildings in Draper, Utah at 12159-12257 S. Business Park Drive; and two, two-story suburban office buildings located in Bellevue, Wash. at 2300-2340 130th Ave NE.
According to Gantry’s Wood, “Life companies remain active in the commercial mortgage lending space across all asset classes, including well-positioned office assets. When presenting stabilized office assets, even multi-tenanted properties, we are seeing attractive rates and terms for stabilized office and flex properties exhibiting fundamentals that meet underwriting imperatives. With rates continuing to hold at what remain historically low levels for the foreseeable future, we anticipate 2021 being a strong year for refinancing a host of maturing and near-maturing loans with LifeCo debt.”