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February 9, 2023
Fremont Dock Co. owns much of its namesake neighborhood, including the land beneath the PCC and Epicenter Apartments complex at 620 N. 34th St. The six-story project, with 130 units, was developed circa 2002 by Security Properties. Now Gantry has announced a new $12.3 million loan to refinance the old ground lease. The firm's Mike Wood led the effort, and said in a statement, “The continued performance of The Epicenter informed our underwriting for the ground-lease financing. Our life company correspondent lenders compete for refinancing on these seasoned ground-lease loans, and can offer extremely attractive financing where extensive performance history exists.” Public records show the new money came from State Farm Life Insurance. The loan carries a 10-year fixed rate and retired the old loan, also secured by Gantry, from G.E. Group Life Assurance. Gantry's Alex Saunders also worked on the deal.