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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 for an unnamed private investor from Gantry’s network of insurance company correspondent lenders. 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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