Gantry, a leading commercial real estate firm, has successfully secured a $30 million permanent loan to refinance the Lee Johnson Family’s iconic automotive dealership property in Kirkland, Washington. The 100,000-square-foot facility and showroom located at 11845 NE 85th Street is one of the region’s most well-known landmarks.
The financing was arranged by Gantry Principals Demetri Koston and Mike Taylor from their Spokane and Seattle offices respectively. Working on behalf of a private partnership borrower, they were able to secure an attractive nine-year fixed-rate loan with low leverage and a 30-year amortization schedule.
According to Koston, this deal was particularly challenging due to the specialized nature of auto dealerships as collateral for loans. However, Gantry’s strong relationships with insurance company correspondents allowed them to present a comprehensive operational overview along with thorough land and facility evaluations that effectively showcased sponsor proformas in terms that resonated with their insurance lender partners.
This successful transaction highlights Gantry’s expertise in securing financing for unique properties like this landmark auto dealership without relying on traditional sources such as banks or credit unions.
