Salt Lake City — Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $9 million fixed rate loan to refinance maturing debt on the Boston Building, a historic office building located at 9 E. Exchange Pl in Salt Lake City. Originally built in 1906, the property was repositioned with modern building systems and renovated common areas in 2012. The Boston Building features 11-stories offering a total of 100,000 square feet of leasable space.

Gantry’s Mike Wood, Principal with the firm’s Seattle production office, secured the loan on behalf of the borrower, a private real estate investor. The five-year, fixed rate loan was provided by one of Gantry’s correspondent insurance company lenders and includes 25-year amortization.

According to Gantry’s Mike Wood, “This was a cash-in refinance that required a small additional equity commitment from the sponsor to achieve the necessary debt service coverage to retire an existing loan on the property. Gantry’s insurance company correspondents are getting more and more comfortable underwriting office assets in the current market cycle. They clearly are focused on assets able to meet debt service coverage thresholds at current market valuations, tied to well capitalized and experienced sponsorship vested in the successful operation and future performance of the property.”

About Gantry
At Gantry, independent thinking is in our genes. As a privately held firm, we take an intentional approach to everything we do. So, as our industry consolidates and becomes less personal, we push ourselves to ignore convention, to set a high standard and to always prioritize people ahead of profits. With over 30 years of experience of loan production and managing an $18 billion national servicing portfolio, our firm leverages a well-established correspondent-driven platform to construct the best financing solutions for our clients. For those seeking a partner that delivers more, we’re a little different. The right kind of different. To find out how and why, click here: www.gantryinc.com