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February 9, 2023

Gantry helps refinance Fremont ground lease

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.




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