Gantry, the largest independent commercial mortgage banking firm in the U.S., secured a $5,570,000 loan for UG216 in Woodinville, WA. The 71,750-square-foot industrial asset at 8415 216th St. SE in suburban Seattle is fully leased to Bio-Rad Laboratories, Inc., a global leader of life science research and clinical diagnostic products.

Gantry’s Michael Wood and Colin Ceithaml represented the borrower, Underwood Gartland 216, LLC, in the refinancing transaction. The 10-year, 30-year amortization loan was arranged through State Farm.

Gantry’s Michael Wood said, “State Farm stepped up for a repeat borrower and put forth a great non-recourse quote with a 30-year amortization and lower rate than competitive lenders. It helped that the property is home to an investment grade tenant because that checks off a big box for lenders seeking to hedge against risk in today’s COVID-19 environment.”

The industrial building was built in 1999, has 20 dock high doors, four grade level doors, and 24-foot clear heights. Woodinville is located roughly 20 miles northeast of downtown Seattle, across Lake Washington.