Fremont Dock Co. secures $12M refi for Brooks Sports site
The land is leased to Unico Properties, which owns the five-story Brooks Sports headquarters building.
Fremont Dock Co. refinanced an almost 1-acre property located at 3400 Stone Way N., in Seattle's Fremont - Wallingford area, for $11.7 Million. Commercial mortgage company Gantry secured the 10-year fixed-rate permanent financing this week.
Unico Properties owns the Brooks Sports headquarters, a five-story building with 121,000 square feet. The building has Brooks offices, as well as 16,700 square foot of street-level retail.
Mike Wood and Alex Saunders of Gantry represented Fremont Dock Co.
Suzie Burke, President of Fremont Dock Co. said: "This was a challenging lending market but we were proactive and secured a better rate."
She said, "Anyone who has a long-term mortgage needs to be aware of the changes in the market." You need someone to guide. This loan was prepared before rates increased. The broker and lending company know that we have long-term goals. "There aren't many properties like this available on the market."
The loan was given by a lender who is a life insurance company, and this lender is one of Gantry’s top sources of capital funding. Life insurance companies underwrite life company loans, and they continue to be able to collect premiums from life insurance policies.
Wood stated in a press release that 'life companies are uniquely placed in the current cycle to refinance performing assets with a pending maturity at the best rate'. Refinancing assets will be difficult in the current economic climate. Borrowers should be ready to explain their situation and show future relevance.
Banks in the region and locally, who were the major commercial real estate lenders of last year, have tightened their credit standards, and are pulling back on new commercial mortgages.
Wood stated that the history of the property and the strong performance of its office and retail components, as well as the strength and reputaion of the borrower - Fremont Dock Co., a major landowner of Fremont - attracted one Gantry's leading correspondent life companies.