Property Type Retail
Date January 19, 2016
Gantry has arranged financing in the amount of $7,100,000 for the refinance of a 47,062 square foot Staples anchored shopping center located in Kent, Washington, a suburban community in the Seattle-Tacoma metropolitan area.
Gantry has arranged financing in the amount of $7,100,000 for the refinance of a 47,062 square foot Staples anchored shopping center located in Kent, Washington, a suburban community in the Seattle-Tacoma metropolitan area. The center is comprised of three separate buildings housing 15 tenant suites.
Jamie Dick, Vice President of Gantry’s San Diego office, assisted by Production Associate Jay Dick, arranged the financing for the borrower, a private investor in southern California. The lender is an east coast based CMBS lender, which agreed to a 10 year, fixed-rate loan with 4 years of interest only payments. Other terms and conditions were not disclosed.
Kent is in the heart of the Seattle-Tacoma metropolitan area, situated 19 miles south of Seattle and 19 miles northeast of Tacoma. Nearby cities include Renton and Tukwila to the north, Covington and Maple Valley to the east, Auburn to the south, and Federal Way, Des Moines and SeaTac to the west.
Once a thriving agricultural area, Kent is now home to hundreds of companies. Among the many corporations headquartered in Kent are REI (Recreational Equipment Inc.), Oberto Sausage Company (a leading nationwide beef jerky manufacturer), and the two largest water-jet companies in the United States: Flow International Corporation and Omax Corporation.
Gantry is a full service mortgage banking firm with a strong lineup of correspondent lenders utilizing Gantry’s production, closing and servicing capabilities. Established in 1991, Gantry is currently staffed by over 60 employees in regional offices throughout the western United States. The company services over $7.5 billion representing 900 loans. Gantry has been rated as a Primary Servicer by Standard and Poor’s and is one of a select few non-banking / non-insurance chartered companies with this designation.
For more information on this transaction please contact Jamie Dick at (858) 793-8400 or Michael Heagerty at (415) 956-9854.