Mortgage banking firm Gantry secured a $30-million permanent loan to refinance a 101,000-square-foot, four-story medical office building located at 40 Holland St. in Somerville MA. The property, Davis Square Center, is 100% occupied, with 64% leased to Atrius Health, a regional healthcare provider.
Principal Andy Bratt and associate Sean Kuang with Gantry’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.
Bratt said, “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.”
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