Property Type Industrial
Financing Type Refinance
Date October 5, 2020
“The borrower was looking to refinance out of a higher interest rate recourse loan and wanted a fully amortizing loan while keeping their cash flow the same.”
Gantry, the largest independent commercial mortgage banking firm in the U.S., secured a $4,700,000 loan for South Park Industrial Park in Seattle, WA. The two-buildings total 67,714 square feet of industrial space and are located at 9520 and 9530 10th Ave. S. One of the buildings is leased to Sherwin-Williams and the other houses Johnson Controls and NRC Environmental.
Gantry’s Michael Wood and Colin Ceithaml represented the borrower, Seattle Commercial Development/10, LLC, which is affiliated with SeaCon Development, in the refinancing transaction. The 21-year loan features a 21-year amortization and was arranged through Securian.
Gantry’s Wood said, “The borrower was looking to refinance out of a higher interest rate recourse loan and wanted a fully amortizing loan while keeping their cash flow the same. The loan we structured with our correspondent life company lender lowered our client’s interest rate by over 100 basis points and removes any refinancing risk. Gantry will also service the loan for Securian.”
The industrial buildings were built in 2001 in a key Puget Sound industrial corridor. The facility benefits from its proximity both to the Seattle CBD, and Boeing Field, and offers ease of access to State Routes 99 and 509.