Gantry has secured a total of $21.2 million in two permanent loans to refinance maturing debt for a pair of medical office buildings in Coeur d’Alene and Sandpoint, North Idaho.
The financing included a $9.7 million loan for a 38,000-square-foot property located at 423 N Third Ave in Sandpoint and a $11.5 million loan for a 60,000-square-foot property at 1919 Lincoln Way in Coeur d’Alene. Both facilities feature outpatient and family medicine providers tied to local hospital systems.
Gantry’s Demetri Koston, Principal, and Abi Hunter, Director, with the firm’s Inland Northwest production team, represented the single borrower for both loans, a private real estate investor. The five-year, fixed-rate loans were provided by a single pension fund lender from Gantry’s extensive roster of debt sources and include prepayment flexibility after 30 years of amortization. “Medical office continues to outperform traditional office assets and is seeing consistent performance rewarded with attractive financing options,” said Koston.
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