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February 29, 2024

Gantry arranges over $6M refi deal



Gantry recently secured a $6.2 million refinancing package for Lake Union Center in Wallingford. The building is fully occupied by Lumen Bioscience. The lender was an unnamed life insurance company. The owner and borrower was Seattle Investment Partners, led by George Neffner, which developed the 65,000-square-foot building two dozen years ago. Gantry's Mike Wood and Colin Ceithaml led the recent funding effort. The 10-year loan features a fixed rate and 25-year amortization period. Said Wood, “While office remains the most challenging asset class to underwrite, as market forces and cycle shifts impact both occupancy and values, this asset checked all the boxes for a qualifying loan, including its lakefront location, Class A status, stable occupancy and conservative leverage.”




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