Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $5.5 million permanent loan for the acquisition of Central Commerce Center, located at 1000-1034 Central Avenue South and 8316 – 8330 South 295th Street in Kent, Wash., a King County suburb of Seattle. The flex-industrial business park offers 59,500 square feet of rentable space in three multi-tenant buildings featuring 16-foot clear heights, grade level roll-ups, and sprinklered throughout.

Gantry’s Mike Wood, Principal, represented the borrower, a private real estate investor. The five-year, fixed rate loan was provided by one of Gantry’s life company correspondents and offers partial term interest only, followed by a 30-year amortization schedule, and prepayment flexibility.

According to Gantry’s Mike Wood, “This trio of mature assets are located in a prime infill location in the Kent Valley, with healthy occupancy and plenty of room for upside for the new ownership. After an extensive review of options, permanent financing was secured through one of Gantry’s life company correspondents. When it comes to industrial property acquisitions in today’s market climate, life companies can be relied upon as the most consistent source of permanent, non-recourse fixed rate debt. They are flexible, pragmatic lenders who will work with qualified sponsors to meet operative goals for well-located stabilized assets.