Property Type Industrial
Financing Type Permanent
Date October 8, 2020
The 11 properties total nearly 196,000 square feet of flex-industrial space and are located across the Puget Sound in Seattle, Kent, and Bellingham.
Gantry, the largest independent commercial mortgage banking firm in the U.S., secured a $14,200,000 loan to finance the 11-asset Flex-Industrial Portfolio. The properties total nearly 196,000 square feet of flex-industrial space and are located across the Puget Sound in Seattle, Kent, and Bellingham.
Gantry represented the borrower, in the refinancing transaction. The 10-year, 25-year amortization loan was arranged through Symetra.
Gantry’s Skip Slavin said, “It was extremely challenging to arrange this portfolio financing because COVID-19 brought the process to a near stand-still shortly after we locked the rate. The deal was scheduled to close in May, but we pushed through and saw it through to a successful close.”
Gantry’s Koston added, “The transaction required an early refinancing of an existing Symetra loan, with additional security to increase loan proceeds. Additionally, there was the need for an early release of a parcel, plus satisfying a prepayment penalty. The financing offered by Symetra was the most viable for this portfolio, given the borrowers objectives.”
The facilities are leased to such tenants as Smart & Final, Sherwin Williams, Seattle Canine Club, Mallory Paint, and PPG/Glidden.