Gantry Secures $11M Refi for Bay Area Office Building
- Aug 17, 2020
Gantry Inc., has arranged $10.5 million in permanent refinancing for a 45,316-square-foot, multi-tenant office building in San Rafael, Calif.
Principals Robert Slatt and Jeff Wilcox, along with Senior Associate Charlie Kokernak secured the 10-year, 30-year amortization term loan, on behalf of North River Co. According to public records, the firm arranged the financing through Genworth Life Insurance Co. In June, another Gantry team secured a $9.5 million refinancing package for an 80,845-net-rentable-square-foot self storage property in Oakley, Calif.
Built in 1963, the San Rafael property received cosmetic renovations in 1996 and 2018. The building is 98 percent leased and includes tenants such as Benefits Unlimited, Weinstein & Associates, Bridgewater Consulting Group and Chase Bank, among others. According to Yardi Matrix, North River Co. acquired the six-story asset in 2017. Diversified Realty sold the property for $14.5 million.
Located at 1299 Fourth St., in downtown San Rafael, the asset is within 2 miles of Interstate 580. The local train station is within walking distance of the office building and the surrounding area includes several retail locations.