Gantry, a real estate firm based in Portland, has successfully obtained a $7.2 million permanent loan for the purchase of a 60,405-square-foot warehouse building. The property is located in Tualatin’s Franklin Business Park and is strategically situated within a high-tech manufacturing cluster just southwest of downtown Portland.
The building was acquired vacant but with an existing long-term lease agreement for the entire space with one tenant. It also includes 20,521 square feet of office space.
Blake Hering and Keegan Bridges from Gantry’s Portland office represented the borrower who is a private real estate investor. The loan was secured from one of Gantry’s correspondent insurance company lenders and features attractive terms such as fixed interest rate, 25-year amortization period, and non-recourse provisions.
Hering commented on the transaction saying that aside from securing tenants before closing on the deal; they were able to highlight their client’s successful track record as well as emphasize how beneficial it would be to have an industrial park location developed by this same developer.
This news originally appeared on Connect CRE.
