Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured an $8.4 million permanent loan to support the acquisition of the Basin Avenue Business Park located at 5902 - 5938 N Basin Ave in Portland, within the city’s high-performing Hayden Island/Swan Island industrial submarket. The two-building, 118,280-square-foot business park is 100%-leased in a multitenant format for a range of warehouse and manufacturing uses.

Gantry’s Paddy Ryan, Principal, with the firm’s Portland production office and Adam Parker, Principal, and Andrew Christopherson, Associate, with the firm’s Phoenix production office represented the borrower, a private real estate investment partnership. The 20-year, fixed rate, non-recourse loan was secured from one of Gantry’s life company correspondents with terms including 20-year amortization. Gantry will service the loan for the lender.

According to Gantry’s Paddy Ryan, “The Hayden Island/Swan Island submarket is one of Portland’s best performing infill industrial zones with strong historic occupancy and high barriers to new development. This asset is strategically positioned to thrive as a long-term, legacy investment with a diversified rent roll and ongoing stable performance.”

Gantry’s Adam Parker added, “For seasoned investors seeking to deploy strategic capital into performing core assets, Gantry’s exclusive roster of life company lenders remains a preferred source for permanent debt. Paddy and I were able to create a competitive marketplace as many of our lenders had an interest in the lower leverage long-term fixed rate request.  The competitive landscape allowed us to secure a very competitive spread for our client inclusive of a 120-day rate lock with very little rate premium.”