December 23, 2019
Gantry recently arranged $60 million in refinancing for two medical office buildings in the Northeast. The borrower was a Southern California-based healthcare REIT.
San Francisco-based Gantry arranged $31 million in financing for Davis Square Center, a 100,699-square-foot medical center in Somerville, MA; and $29 million for Morristown Plaza, a 166,750-square-foot medical tower in Morristown, NJ. Davis Square counts Atrius Health among its tenants, while Morristown Plaza’s roster includes Summit Medical Group.
“Sponsorship was looking for life company execution and we were able to structure the deal with one of our correspondents that recognized the institutional ownership needs,” said Gantry’s Andy Bratt. “The non-recourse financing provided cash-out on five-year fixed loan terms with very flexible prepayment penalties meeting the client’s needs.”
The REIT has seen a large increase in both properties’ value since acquiring them in 2015 and decided to take advantage by recapitalizing these stabilized assets.
Pictured: Davis Square Center.
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