February 6, 2020
Permanent financing in the amount of $24 million was secured for a two-property portfolio consisting of a medical facility on Bainbridge Island, and a Safeway-anchored retail center in Snoqualmie, WA. Gantry’s Michael Taylor and Patrick Taylor arranged the financing through Principal Real Estate Investors.
Snoqualmie Ridge Plaza is a 64,000-square-foot Safeway-anchored shopping center that includes a 43,000-square-foot Safeway grocer, and a 15,000-square-foot Bartell Drugs. The center was constructed in 2017 and is 100% leased.
Virginia Mason Clinic (pictured above) is a 30,000-square-foot, two-story medical office building constructed in 2018. The entire property is leased to Virginia Mason Medical Center, which operates a multi-disciplinary medical facility offering both primary and specialty care services.
Gantry’s Mike Taylor says, “Our task was to identify lenders who could meet the timeline of the purchase agreement, and provide terms that are in line with the borrower’s needs. After reaching terms on the Virginia Mason clinic, our borrower decided to place a similar loan on Snoqualmie Ridge Plaza on which they had no debt.”
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