Gantry has secured a $16 million permanent loan to refinance maturing debt for Russell Hall, a mixed-use property located at 1414 NE 42nd St, directly adjacent to the University of Washington and “The Ave” retail and hospitality corridor.
The 62,400-square-foot, six-story building features 120 subterranean parking stalls, ground floor retail, three floors of office space, and 30 apartment units on the top two floors, including a mix of studio, one-, and two-bedroom floor plans. Ground floor retail includes restaurant options and ready pedestrian access to nearby shopping, dining and academic amenities.
Gantry’s Mike Wood, Principal, Mike Taylor, Principal, and Tim Brown, Senior Associate, with the firm’s Seattle production office, represented the borrower, a private real estate investor. The five-year, fixed-rate, non-recourse loan was secured from one of Gantry’s correspondent life companies and offers partial-term interest-only terms. Gantry will service the loan for the lender.
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