$21.2M in loans secured for Coeur d’Alene and Sandpoint medical offices

Two permanent loans will refinance maturing debt for two medical buildings in northern Idaho thanks to the work of a independent commercial mortgage banking firm based in San Francisco.

Gantry, which bills itself as the largest independent commercial mortgage banking firm in the United States, secured $21.2 million in loans for a property at 1919 Lincoln Way in Coeur d’Alene and one at 423 N. Third Avenue in Sandpoint.

Refinancing in the amount of $11.5 million will go toward the Coeur d’Alene property, home to Kootenai Health medical offices, which is a 60,000-square-foot building. The amount of $9.7 million will go toward the Sandpoint property, which houses the Bonner General Health campus. Both health systems provide outpatient and family medicine practices at those locations.

“Medical office continues to outperform traditional office assets and is seeing consistent performance rewarded with attractive financing options,” said Demetri Koston, principal at Gantry’s Inland Northwest division. “Gantry’s roster of life company correspondents and our pension fund affiliates are both top, competitive sources for stabilized, permanent debt options on quality medical office.”

Koston, Director Abi Hunter and the Inland Northwest production team represented the single borrow for both loans, Gantry stated in a release, who is a private real estate investor. According to the firm, the five-year fixed-rate loans “were provided by a single pension fund lender from Gantry’s extensive roster of debt sources.”

Koston stated that the team sourced several competitive options to be considered.

“Ultimately, our client targeted financing that could achieve maximum proceeds with prepayment flexibility and a fixed, amortizing rate reflecting strong metrics and fundamentals, leading us to a regional pension fund lender ready with the desired terms,” he said.