Gantry secured a $13.5-million permanent loan to refinance a timely maturity on a historic office building located at 384 University Ave. in Palo Alto. Principal Jeff Wilcox and senior associate Joe Foley with Gantry’s San Francisco production office represented the borrower, Big Property Ventures and Baskin Investment Group.
The five-year, fixed-rate loan was provided by an institutional pension fund lender. Terms include first-year interest only, followed by 25-year amortization.
Wilcox said, “We have seen a dramatic improvement to the case for office, with a growing number of lenders returning to the asset class after a pause on new originations in recent years. For well-leased properties in quality locations, we are reviewing competitive options for permanent refinance or purchase and bridge debt options for properties still in transition but nearing stabilization with requisite DSCR.”
The three-story property offers approximately 14,500 square feet of rentable space in a prime downtown location, featuring street-level retail with two office floors above. The property is currently 100% leased.
Photo courtesy of Rapp Properties.
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