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March 5, 2026

Gantry finds new money for old favorite

By JOURNAL STAFF

Photo via Gantry [enlarge]
Terminal Sales Building

The landmarked and century-old Terminal Sales Building, at First and Virginia, is a much-loved office building owned by Martin Smith Inc. since 2008. Designed by Henry Bitman, the ornate Gothic-style structure has huge west-facing casement windows that overlook Pike Place Market. The Smith family and partners took out a loan back in 2015 that recently came due. To retire the debt, Gantry announced that it had found a $10.2 million, 10-year permanent loan to refinance the old note. Mike Wood and Tim Brown secured the funds from an unnamed private investor — not a bank or life insurance company. Brown said in a statement, “We have a long-term working relationship with sponsorship of the Terminal Sales Building. This allowed us to competitively retire a 10-year maturity Gantry originally placed with a fresh 10-year loan.” Gantry also noted that, last year, it arranged $479 million of new office financings. Said Wood, “We expect this momentum to accelerate into 2026 as our insurance correspondents grow more comfortable with the asset class again.”


 
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