Gantry has successfully obtained a $5.5 million permanent loan for the purchase of Central Commerce Center in Kent, Washington. This flex-industrial business park boasts 59,500 square feet of rentable space spread across three multi-tenant buildings with features such as 16-foot clear heights and grade-level roll-ups. The borrower, a private real estate investor, was represented by Gantry’s Principal Mike Wood.
The five-year fixed-rate loan was provided by one of Gantry’s life company correspondents and includes partial term interest only options followed by a 30-year amortization schedule and prepayment flexibility.
According to Wood, “These well-established properties are situated in an ideal infill location within the Kent Valley area and currently have strong occupancy rates with potential for increased value under new ownership.” He also noted that when it comes to acquiring industrial properties in today’s market climate, life companies are consistently reliable sources for long-term non-recourse fixed-rate financing.
