Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $12 million permanent loan to refinance maturing debt for Center Plaza buildings 1, 2, and 5 at 2750, 2620, 2665 Williamson Place in Dupont, Wash., a south Puget Sound submarket on Interstate 5 and home of Joint Base Lewis McChord. The trio of modern, multi-tenant, flex industrial buildings total approximately 102,000 square feet occupying roughly 11.5-acres at the master-planned business park.

Gantry’s Mike Wood, Principal, and Tim Brown, Senior Associate, with the firm’s Seattle production office represented the borrower, a private real estate investor. The five-year, fixed rate, non-recourse loan with 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 Mike Wood, “Gantry’s insurance company correspondents continue to be a trusted, consisten source for permanent non-recourse debt in what remains a volatile market cycle. For stable, high-quality, modern buildings like these Center Plaza assets, insurance company lenders can compete on spread, streamlined underwriting, and rate lock at application which takes the interest rate risk off the table in a rising rate environment. After reviewing options with the client’s relationship bank and Gantry’s full roster of vetted lenders, we ultimately sourced a five-year, non-recourse loan at a more competitive spread to other options from one of Gantry’s trusted insurance correspondents, achieving the desired stability for a continued legacy hold of the properties at a rate supporting both performance and targeted returns.”