Gantry secured a $25-million loan to refinance maturing debt from the acquisition and renovation of a 38,000-square-foot creative office building located at 250 Cambridge Ave. in Palo Alto. Principal Robert Slatt, director Murphy Osborne and senior associate Joe Foley represented the borrower, a private real estate investor.
The three-year, fixed-rate loan with 30-year amortization was provided by one of Gantry’s correspondent life company lenders. Gantry will service the loan.
Slatt said, “250 Cambridge was a strategic acquisition for an experienced sponsor that completed a substantial renovation to modernize a well-positioned asset in a strong submarket for creative office space. Successful leasing and continued momentum with agreements in place for additional near-term occupancy positioned this asset to achieve a strong upside moving forward. This loan from a top life company correspondent retired existing debt from the original investment with an optimized fixed rate loan, structured to support stabilized performance with improving metrics.”
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