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April 20, 2023

Gantry secures nearly $12M for Wallingford ground lessor

Fremont Dock Co. owns the land beneath what most call the Brooks building in Wallingford, at 3400 Stone Way N. (It's also known as Stone34.) The five-story, 121,000-square-foot building last traded in 2018 to Unico Properties and Partners Group. It's fully leased, with the Brooks store on the prominent corner. Prior to its 2014 development by Skanska USA, Fremont Dock took out a loan from State Farm Life Insurance. Now, representing the same borrower, Gantry has refinanced that note, from the same lender, to the tune of $11.7 million. Leading the effort were Gantry's Alex Saunders and Mike Wood; the latter said in a statement, “Continued performance of the office and retail components of the structure, tied to a seasoned and well capitalized sponsor for the ground lease, attracted one of our top correspondent life companies after a careful review of options across all lender types.” The note has a 10-year, fixed-rate term.”




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