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SEATTLE — Gantry has secured a total of $34.3 million of loans to refinance four Seattle-area assets owned by different and unaffiliated entities. Each transaction was placed with one of Gantry’s life company correspondent lenders and each structure provided the borrowers with non-recourse, fixed-rate loans. Mike Wood of Gantry represented three of the borrowers.
The financings included:
- Fremont Brewing Building – an 80,000-square-foot industrial building located at 4700 9th Ave. NW in Seattle’s Ballard neighborhood. The building is fully leased to Fremont Brewing for its production operations. The five-year loan features a 30-year amortization schedule, funding a total of $11 million.
- Holgate Center – a 130,746-square-foot flex office building at 1737 Airport Way in Seattle’s SoDo neighborhood. The multi-tenant building is occupied by traditional and non-traditional office tenants, an onsite deli, retail building and multi-story structure garage. The five-year loan features prepayment flexibility and a 25-year amortization schedule, funding a total of $7.2 million. George Mitsanas and Alicia Sabanero of Gantry assisted with the transaction.
- Burke Building and 3400 Phinney/Ground Lease – an office and industrial property located at 449 N. 35th St. and 3400 Phinney Ave. N in Seattle’s Fremont neighborhood. The financing covers the ground lease for the three-story office building and adjacent warehouse building. The 10-year loan features partial term interest-only payments followed by a 30-year amortization schedule, funding $7 million for the cross-collateralized land leases.
- Stonehedge Apartments – a multifamily and retail property located at 1220 N. 45th St. in Seattle’s Wallingford neighborhood. The asset offers 44 apartment units over ground-floor retail space and an adjacent freestanding rental home. The 10-year loan features full-term interest only payments, funding $9.1 million for the combined project.