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February 28, 2024
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Davis Property Investment Underway with 160k sf Spec Industrial Project in the Puget Sound Region


Davis Property Investment LLC has obtained an $18 mil construction-to-permanent loan for the development of a spec, 160k sf industrial property in the city of Pacific, WA. The 12-acre project is logistically positioned to serve operators in the greater Puget Sound region. It broke ground in Q2 2022, with delivery in early 2023.

Mike Wood and Alex Saunders with Gantry arranged the seven-year loan. It was provided by a regional bank with a fixed, sub-4.4% interest rate, featuring an initial two-year interest only period before moving to a 30-year amortization for the remaining term. Initial funding is for $15 mil to complete construction, with an additional $3 mil earnout upon lease up and stabilization of the project.

According to Wood, “Demand for new industrial property in the Puget Sound region has remained resilient, with a strong appetite for modern space from last mile distribution, regional warehouse, and other industrial operators continuing to motivate developers that can deliver quality product. Davis Property Investment, an experienced owner/developer of industrial properties in the Pacific Northwest, decided to move forward on a speculative basis with a location exhibiting the right fundamentals to meet projected market demand.”

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