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 arranged 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; it included interest only payments for the entire loan term.
Wood commented: “The ownership of Cumberland Industrial Center is a longtime client and an experienced sponsor known for being an excellent 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.” He added that when these conditions exist their stable life company correspondent lenders are able to offer competitive terms available in the market today.
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Steve Griffin
November 14, 2024
