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December 12, 2024

Unico benefits from $35M refi deal in Tacoma

By JOURNAL STAFF

Back in 1997, Unico Properties acquired what was then called Wells Fargo Plaza in downtown Tacoma, then paying over $28 million for the 25-story office tower. The bank eventually left, and today we know the 54-year-old building as 1201 Pacific. Kidder Mathews has been recently adding tenants including WSP, Alston Construction and Panattoni Development. Now Gantry has announced a recent $35 million refinancing deal for the property. Leading the effort were Jeff Ballaine and Mike Taylor. The latter said in a statement, “While underwriting any office asset is challenging in the current climate, and many lenders have completely pulled back from lending on any office properties, by working closely with both borrower and lender we were able to underwrite this signature tower and arrange financing with an attractive long-term fixed-rate loan.” The note carries a 10-year term, and came from Genworth Life Insurance. With 307,643 square feet, 1201 Pacific remains Tacoma's largest office tower; it's also LEED Gold certified.




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