Boston– Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $30 million permanent loan to refinance a 101,000-square-foot, four-story medical office building located at 40 Holland Street in Somerville, a suburban satellite of the greater Boston-Cambridge-Newton MSA.
The property, Davis Square Center, is 100% occupied with 64% leased to Atrius Health, a regional healthcare provider.
Gantry’s Andy Bratt, Principal, and Sean Kuang, Associate, with the firm’s Irvine production office represented the borrower, one of the largest healthcare-focused REITs in the country. The five-year, fixed rate loan was provided by one of Gantry’s correspondent insurance companies with 30-year amortization. Gantry will service the loan.
According to Gantry’s Andy Bratt, “Financing office of any stature in today’s market environment presents many challenges. Fortunately, our roster of Life Insurance Companies allows us access to lenders that will recognize a quality asset with a strong story. Gantry was able to clearly articulate the project’s superior performance and strong fundamentals to one of our preferred insurance correspondents during underwriting, securing a stable, market-leading, fixed-rate, non-recourse permanent loan supporting our client’s legacy hold strategy.”
