Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $12.3 million bridge loan to refinance existing debt and provide capital for continued redevelopment and lease-up of Workshop St. Johns, a historic adaptive-reuse campus. Located at 6635 N Baltimore Avenue in Portland’s St. Johns neighborhood, the historic property enjoys prominent Willamette River frontage and views. 

Situated on five acres, the campus spans more than 200,000 square feet across 10 interconnected buildings built from 1911 to 1970 and connected by a common roof span. Formerly the home of Columbia Sportswear, today Workshop St. Johns features a diverse roster of independent makers, artists, workshops, artisan food, craft brew, music, fitness, wellness, and unique creative concepts.

Gantry’s Charlie Kokernak, Director, and Hrishi Bukshin, Associate, with the firm’s Portland production office represented Workshop Cathedral Owner, LLC, a joint venture between Baum Revision and Owen Gabbert. The floating-rate bridge loan was secured from a regional bank on Gantry’s extensive roster of vetted lenders.

According to Gantry’s Charlie Kokernak, “Workshop St. Johns is a unique adaptive-reuse campus that reflects the kind of creative, maker-oriented space Portland has embraced for years. The financing was structured around the property’s existing operations and ownership’s next phase of redevelopment and leasing, providing capital to continue investing in the campus. It is a great example of how historic industrial properties can support for a broad mix of small businesses, makers and creative users, particularly in St. Johns, where a strong independent-business culture and distinctive neighborhood identity make it a natural home for these types of tenants.”