Gantry, a real estate finance firm, has successfully obtained a $15.5 million permanent loan for the Lee Johnson Nissan of Kirkland auto dealership in the city of Kirkland, located just outside Seattle.
The property spans 3.28 acres and includes a showroom and service building measuring nearly 14,000 square feet. The remaining land is used for vehicle storage and display. This dealership is one of eight operated by the Lee Johnson Auto Group in King County.
Demetri Koston and Michael Taylor from Gantry’s Spokane and Seattle offices worked together to secure this loan on behalf of their client – a private real estate investor. The five-year fixed-rate loan comes with a 30-year amortization schedule, which will be serviced by Gantry.
Koston commented on Gantry’s expertise in financing auto dealership properties: “We have extensive experience handling these types of commercial real estate assets… It can be challenging to accurately underwrite these unique facilities to achieve maximum proceeds due to their complex blend of operational value with underlying land values.”
