Gantry, the largest independent commercial mortgage banking firm in the U.S., 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.

According to Gantry’s Blake Hering, “Gantry’s insurance company lenders continue to prioritize industrial property for their CRE lending allocations. 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.”