Gantry has successfully obtained a permanent loan of $11.9 million to refinance Dogwood Enterprises Industrial Park, located at 3200 35th Ave. NE in Everett, Washington. The property is situated north of Seattle and offers four buildings with a total area of 106,686 square feet on a spacious lot spanning over 31 acres (12 undeveloped). Currently leased by one tenant, the borrower for this project was represented by Gantry’s Mike Wood (Principal), Demetri Koston (Principal), and Tim Brown (Senior Associate) from their Seattle and Spokane production offices.
The loan secured from a credit union has prepayment flexibility and features fixed-rate terms for ten years with an amortization period of twenty-five years. According to Koston, this was not an easy task but resulted in securing favorable financing options for the long-term hold investment strategy pursued by the private real estate investor client.
Despite being built back in 1969 as four industrial buildings on older property grounds; it still holds significant value due to its prime location offering direct access to I-5 freeway along with ready accessibility through Port Everett while also strategically positioned just eighty miles southwards from Canada’s border – making it ideal for businesses looking towards expanding their operations within or beyond state borders.
Overall Gantry is pleased that they could deliver such positive results despite facing challenges during this process; ultimately resulting in securing optimal financing solutions that align perfectly well with our client’s goals – added Koston confidently.
