Gantry has secured a $12 million permanent loan to refinance maturing debt for a pair of industrial warehouse buildings located at 5640 NE Wagon Drive Blvd in Hillsboro, a western suburb of the Portland MSA.
The 10-acre site features two buildings totaling 192,000 rentable square feet, including a single tenant asset with approximately 152,000 rentable square feet and an adjacent 40,000-square-foot multi-tenant flex building.
Gantry’s Blake Hering, Principal, Kristin Lapinskas, Associate, and Abi Hunter, Director, with the firm’s Portland production office, represented the borrower, a private real estate investor. The 10-year, fixed-rate, non-recourse loan set at 25-year amortization was secured from one of Gantry’s insurance company correspondents. Gantry will service the loan for the lender.
“After securing the permanent loan for the original acquisition, the borrower opted to refinance the asset to harvest the equity deployed in constructing the new building. Favorable terms were offered by one of Gantry’s exclusive correspondent lenders,” said Hering.
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