Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $6 million permanent loan for a trio of suburban neighborhood retail properties located in Bothell, a north Seattle suburb at the King and Snohomish county line. The six buildings total 31,000 square feet, with four in a freestanding, single tenant format and two in a multi-tenant, inline layout. The individual assets were cross-collateralized at 100% occupancy, featuring a range of tenants: Verizon, Red Robin, Panera Bread, Chipotle, and Key Bank. 

 

Gantry’s Stefan Malmlund, Director, Peter Welsh, Principal, and Claire Jones, Associate, with the firm’s Irvine production office represented the borrower, a private real estate investor. The fixed rate, five-year loan was secured at low leverage from a free and clear ownership position in a cash out refinance. Gantry will service the loan. 

 

According to Gantry’s Stefan Malmlund, “Gantry prides itself on providing strategic portfolio-centric commercial real estate finance counsel alongside our loan sourcing, underwriting and servicing capabilities. This collaborative approach to client debt strategy helped us identify existing assets that were unencumbered and provide a conservative cash-out loan with the intension of growing their portfolio. The subject property has experienced strong historical operating history and was identified as a perfect candidate to secure a conservative loan for the sponsor's business plan. This resulted in ready funds to be used for new acquisitions or property improvement investments as desired. We had great execution from one of our correspondent life insurance companies, which provided a non-recourse loan at an extremely competitive spread.”