Gantry secured a $32-million permanent loan to refinance 611 Cowper St., a class A midrise office building in downtown Palo Alto. Principal Jeff Wilcox and associate Andrew Ferguson with Gantry’s San Francisco production office represented the borrower, a private real estate investor. The 8.5-year, non-recourse, fixed rate loan was secured with a national insurance company lender
The LEED Silver-certified property offers a total of 30,000 square feet of leasable office space across three floors, above two subterranean levels of parking. The property is 100% leased to Amazon in a long-term agreement. In 2022, the City of Palo Alto recognized the project with an Architectural Excellence Award for the project’s unique and sustainable mixed-use design.
Wilcox said, “While office assets continue to face strong headwinds in the current market cycle, conditions are improving. Gantry continues to have success engaging a growing roster of lenders on quality office projects and successfully refinancing maturing office debt for performing assets with stable permanent loans.”
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