Gantry has secured a $16 million permanent loan to refinance the Kirkland Business Center located at 11860 NE 112th St in Kirkland, Washington.

Originally delivered in 1962 and 1969, the 104,000-square-foot, multi-tenant buildings are 100% leased to a range of small bay tenants. Gantry’s Principals Mike Wood and Mike Taylor, and Senior Associate Tim Brown, with the firm’s Seattle production office, represented the borrower, a private real estate investor. The seven-year, fixed-rate loan was provided by one of Gantry’s correspondent insurance company lenders and features cash-out proceeds with full-term interest-only payments. Gantry will service the loan on behalf of the lender.

“Well-located Puget Sound multi-tenant industrial continues to be a preferred allocation target for our network of insurance company lenders,” said Wood. “Their stable, fixed-rate permanent programs are attractive for legacy hold investors seeking to capitalize on long-term appreciation, historic performance, and strong operating metrics.”

Gantry arranged a $55.9-million purchase money permanent loan to acquire the Huntington Oaks retail center located at 500-600 W. Huntington Dr. in Monrovia. The acquisition encompasses 251,000 square feet of leasable space, with major tenants including a mix of national retailers, restaurants and services.

Principals George Mitsanas and Braden Turnbull and associate Austin Ridge with Gantry’s El Segundo production office represented the borrower, a private real estate investor. The five-year, fixed-rate loan was secured through one of Gantry’s correspondent insurance lenders, underwritten to full-term interest-only.

Mitsanas said, “There are many experienced sponsors and investors with significant equity on hand to transact in this phase of the cycle, and we expect to see the pace of investment sales increase into 2025. Retail has remained a strong performer post-COVID. That has not gone unnoticed by our extensive roster of lenders, who continue to prioritize allocations to power center, grocery-anchored and neighborhood retail assets in both urban and suburban markets.”

Gantry secured a $28-million permanent loan to refinance the Torrance Memorial Lundquist-Lurie Cardiovascular Center located at 2841 Lomita Blvd. in Torrance. The three-story, 65,000-square-foot medical office building is 100% leased for use by physicians and technicians providing outpatient services on behalf of Torrance Memorial Medical Center, a full-service Cedars Sinai-affiliated hospital.

Principals George Mitsanas and Braden Turnbull and associate Alicia Sabanero with Gantry’s Los Angeles (El Segundo) office secured the financing on behalf of the borrower, a private real estate company. The 10-year permanent loan was placed with one of Gantry’s correspondent insurance company lenders at an attractive fixed rate featuring 30-year amortization and pre-payment flexibility after year seven.

Mitsanas said, “While many office property types, from suburban low rise to CBD towers, are struggling with post-COVID market shifts to workstyle and the higher cost of debt, properties supporting specialized medical service providers remain a vital component to our health care system. These properties continue to demonstrate strong leasing and need-driven occupancy. Our sponsor client has a long-term lease in place with a subsidiary of one of the top hospital operators in the nation, which allowed us to shop this loan with several of Gantry’s insurance correspondents, ultimately resulting in a loan that maximized both leverage and proceeds for a superior asset.”