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Gantry Secures $15.5M Loan for Seattle Region Auto Dealership
Gantry has secured a $15.5 million permanent loan for the Lee Johnson Nissan of Kirkland auto dealership located at 11930 124th Ave NE, in the city of Kirkland, a suburb of Seattle.
The 3.28-acre property features a nearly 14,000-square-foot showroom and auto service building, with the remaining acreage serving as vehicle storage and display. The Lee Johnson Auto Group operates eight dealerships in the King County region.
Gantry’s Demetri Koston, Principal, and Michael Taylor, Principal, with the firm’s Spokane and Seattle, Wash., production offices, secured the loan on behalf of the borrower, a private real estate investor. The five-year, fixed-rate loan features 30-year amortization. Gantry will service the loan.
“Gantry has developed a depth of experience handling finance assignments for auto dealership commercial real estate assets.,” said Koston. “These unique facilities can often be challenging to underwrite accurately to achieve maximum proceeds, a complex process blending facilities and operations value with underlying land values.”
