Sandpoint, Cd'A medical offices see $21.2 million refinance

Independent commercial mortgage banking firm Gantry has secured $21.2 million in two permanent loans to refinance maturing debt on a pair of medical office buildings in Coeur d'Alene and Sandpoint. 

According to Tuesday's press release, the financing included a $9.7 million loan for the 38,000-square-foot property at 423 N. Third Ave. in Sandpoint and $11.5 million for the 60,000-square-foot property at 1919 Lincoln Way in Coeur d’Alene.

Both facilities house outpatient and family medicine providers tied to local hospital systems.

“Medical office continues to outperform traditional office assets and is seeing consistent performance rewarded with attractive financing options," Gantry's Demetri Koston, principal, said in part. "For this pair of stable, cash-flowing small-town assets, located near and affiliated with regional hospital facilities, we sourced several attractive, competitive options for consideration."

Koston and Abi Hunter, director, with the Spokane-based firm’s Inland Northwest production team, represented a single private real estate investor for both loans. 

The five-year, fixed-rate loans were provided by a single pension fund lender.

"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,” Koston said.

    Refinancing for two North Idaho medical offices included a $9.7 million loan for this 38,000-square-foot property located at 423 N. Third Ave in Sandpoint.