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. This multi-tenant property is occupied by a range of manufacturing, retail and professional service tenants.
Principal Mike Wood and associate Alex Saunders from Gantry’s Seattle production office arranged the financing for the borrower – a private real estate investor – with one of their correspondent insurance company lenders at an attractive rate that included interest only payments for the entire loan term.
Wood commented: “The ownership of Cumberland Industrial Center is an experienced sponsor with a reputation for being an excellent property manager which has kept occupancy steady at this well maintained property; showing continued long term upside from successive leasing renewals as well as new tenants.” He added “When these conditions exist our stable life company correspondents are able to offer some of the most competitive terms available in today’s market.”
