Gantry has secured a $17.15 million permanent loan to refinance a maturing construction-to-permanent loan for a modern warehouse 100% leased to FedEx to serve as a regional shipping center.
Located at 7301 Hardeson Rd in Everett, the 123,000-square-foot warehouse facility sits on 10.5 acres and was completed in 2019, after which FedEx took occupancy on a long-term lease. Gantry’s Tony Kaufmann, Principal, and Joe Foley, Associate, with the firm’s San Francisco production office, secured the loan on behalf of the borrower, a private real estate investor. The 10-year, fixed-rate loan was secured from one of Gantry’s correspondent life company lenders with a partial interest-only period followed by 30-year amortization. Gantry will service the loan.
“This superlative asset checked every box with our roster of life company correspondents, who compete to finance assets like this with a long-term credit tenant in place, ample debt service coverage, and experienced sponsorship,” said Kaufmann.
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