Gantry has secured $11 million of permanent financing to refinance Cumberland Industrial Center, a four-building flex industrial park encompassing 118,500 rentable square feet on 7.4 acres at 22022-22028 68th Ave S in Kent, WA. The multi-tenant property is occupied by a range of manufacturing, retail, and professional service tenants.
Principal Mike Wood and associate Alex Saunders, with Gantry’s Seattle production office, secured the financing on behalf of the borrower, a private real estate investor. 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.
Wood said, “The ownership of Cumberland Industrial Center is a longtime Gantry client and an experienced sponsor with a reputation for being a great property manager. This has kept occupancy steady at this well-maintained property, which shows continued, long-term upside from successive leasing renewals as well as new tenants. When these conditions exist, Gantry’s stable of life company correspondent lenders are able to offer the most competitive terms available in the market.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).