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5/28/26
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Kirkland Business Center, a 104k sf, multi-tenant industrial property in Kirkland, WA, has been refinanced with a new loan for $16 mil. The buildings are 100% leased to a range of small bay tenants.
The property is located at 11860 NE 112th St in Kirkland, a King County suburb east of Seattle, and offers ready access to I-405. Originally delivered in 1962 and 1969, the property has benefited from more recent improvements under active management from legacy sponsorship.
Gantry’s Mike Wood, Principal, Mike Taylor, Principal, and Tim Brown, Senior Associate, with the firm’s Seattle production office represented the borrower, a private real estate investor. The seven-year, fixed rate loan was provided by an insurance company lender and features cash out proceeds with full term interest only payments. Gantry will service the loan on behalf of the lender.
Wood points out “Even though these are older structures, they are well maintained. The land value alone when aligned with the stabilized structures allowed us to retire maturing debt with a full-term interest only loan to maximize cash flows while also providing cash out for redeployment.”
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