Gantry has secured a $16 million permanent loan to refinance the Kirkland Business Center located at 11860 NE 112th St in Kirkland, Washington.
Originally delivered in 1962 and 1969, the 104,000-square-foot, multi-tenant buildings are 100% leased to a range of small bay tenants. Gantry’s Principals Mike Wood and Mike Taylor, and Senior Associate Tim Brown, with the firm’s Seattle production office, represented the borrower, a private real estate investor. The seven-year, fixed-rate loan was provided by one of Gantry’s correspondent insurance company lenders and features cash-out proceeds with full-term interest-only payments. Gantry will service the loan on behalf of the lender.
“Well-located Puget Sound multi-tenant industrial continues to be a preferred allocation target for our network of insurance company lenders,” said Wood. “Their stable, fixed-rate permanent programs are attractive for legacy hold investors seeking to capitalize on long-term appreciation, historic performance, and strong operating metrics.”
The post Gantry Secures $16M for Kirkland Multi-Tenant Industrial Buildings appeared first on Connect CRE.
