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May 27, 2024
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Financing Deals on Two Washington Assets Total $18.5 Mil


Here’s news of a couple of Washington financing deals originated by Gantry. One of the transactions was for an industrial property in Kent, while the other was for a build-to-rent community in Vancouver.

In Kent, Gantry’s Mike Wood and Alex Saunders arranged $11 mil of permanent financing to refinance Cumberland Industrial Center, a four-building, 118.5k sf flex industrial park on 7.4 acres at 22022-22028 68th Ave S. The multi-tenant property is occupied by a range of manufacturing, retail, and professional service tenants. Originally built in 1980 and since renovated, the industrial park has enjoyed stable, long-term occupancy. The five-year, fixed rate loan was placed with one of Gantry’s correspondent insurance company lenders at an attractive rate and included interest only payments for the entire loan term.

In the Vancouver deal, Gantry’s Charlie Kokernak arranged a $7.5 mil, cross-collateralized, permanent loan to retire construction debt from the development of a 24 Build for Rent (BFR) townhomes. The loan features an attractive fixed rate and includes an interest-only term through the entirety of the fixed period and a favorable declining prepayment penalty. Occupancy had just stabilized at time of closing.

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