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Gantry Secures Financing for Seattle Region Industrial Buy
Gantry has secured a $5.5 million permanent loan for the acquisition of Central Commerce Center, located at 1000-1034 Central Avenue South and 8316 – 8330 South 295th Street in Kent, Washington.
The flex-industrial business park offers 59,500 square feet of rentable space in three multi-tenant buildings featuring 16-foot clear heights and grade-level roll-ups. Gantry’s Mike Wood, Principal, represented the borrower, a private real estate investor.
The five-year, fixed-rate loan was provided by one of Gantry’s life company correspondents and offers partial term interest only, followed by a 30-year amortization schedule and prepayment flexibility.
“This trio of mature assets are located in a prime infill location in the Kent Valley, with healthy occupancy and plenty of room for upside for the new ownership,” said Wood. “When it comes to industrial property acquisitions in today’s market climate, life companies can be relied upon as the most consistent source of permanent, non-recourse fixed rate debt.”
