Gantry, a real estate finance firm, has successfully obtained a $9.5 million permanent loan to refinance Columbia Crossings in Portland. This mixed-use special-purpose property is located on Tomahawk Island and offers direct access to the Columbia River.
The property boasts three protected harbors – Tomahawk Bay, Jantzen Bay, and Hayden Bay – as well as 399 boat slips, 56 floating homes, 210 self-storage units,a 7.2-acre storage yard,and16 ,300 square feet of commercial facilities including a fueling station.
Mike Wood and Tim Brown from Gantry’s Seattle production office represented the borrower who is a private real estate investor. The five-year loan was secured from a regional bank at an attractive fixed rate with full-term interest only.
According to Mike Wood,”These types of properties can be challenging for lenders and require clear articulation of land basis,cash flows,and business lines for successful underwriting.” He further added that refinancing this property provided an opportunity to pay off maturing debt while also providing substantial proceeds for improvement and maintenance programs.This will ensure that Columbia Crossings remains Portland’s premier marina facility.
