Gantry has secured a $10.2 million permanent loan to refinance downtown Seattle’s historic Terminal Sales office building located at 1932 1st Ave, adjacent to Pike Place Market.
Originally delivered in 1925, the 11-story, 92,400-square-foot, class A building was renovated to serve as modern creative office space and includes street-level retail. Gantry’s Mike Wood, Principal, and Tim Brown, Senior Associate, with the firm’s Seattle production office, represented the borrower, a private real estate investor. The ten-year, fixed-rate, non-recourse loan was secured with a 25-year amortization schedule. Gantry will service the loan for the lender.
“The case for office dramatically improved over 2025, as assets began to trade at a new basis and return to office trends improved occupancy,” said Wood. “We expect this momentum to accelerate into 2026 as our insurance correspondents grow more comfortable with the asset class again in an improving rate climate that is helping borrowers achieve necessary debt service and stability benchmarks.”
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