San Francisco, (Aug. 14, 2020) – Gantry Inc., the largest independent commercial mortgage banking firm in the U.S., secured $10,500,000 in permanent refinancing for a 45,316-square-foot, multi-tenant office building in San Rafael, Calif. Gantry’s Robert Slatt, Principal, Jeff Wilcox, Principal, and Charlie Kokernak, Senior Associate, arranged the 10-year, 30-year amortizationterm loan through a correspondent life insurance company.
Gantry’s Slatt said, “We built a relationship with this borrower when we processed the loan assumption back in 2016. This new loan assignment was marketed prior to the Covid-19 pandemic and the ensuing shelter-in-place orders. Those presented challenges as we navigated through the process, but the lender stood tall and honored the original transaction with no changes or added structure.”
The six-story property is located at 1299 Fourth Street in Downtown San Rafael and was built in 1963. The asset is 98% occupied and the ground floor is leased to Chase.
Gantry’s Wilcox said, “The property is surrounded by a dense mix of multi-story buildings within the downtown core and is highly walkable to many local amenities including a host of local businesses and dining options. Those factors checked many boxes the lender sought to supplement the building’s strong lease performance and market fundamentals.”
Gantry, an independently held company based in San Francisco, is a full-service commercial mortgage banking firm. Established in 1991 as Newmark Realty Capital, Gantry is staffed by 90 employees in its regional offices. Gantry is the correspondent/servicer on behalf of a roster of the leading life insurance, CMBS and Agency lenders in the nation, placing more than $4 billion per year in loans. Gantry’s national servicing platform exceeds $16 billion, representing over 2,000 loans located in 40 states. Gantry is rated as a Primary Servicer by Standard & Poor’s and is one of a select few non-banking/non-insurance-chartered companies with this designation.