August 29, 2023
Permanent Loan Refinances Cumberland Industrial Center in Kent; Gantry's Roster of Correspondent Insurance Company Lenders Continue to Compete for Quality Industrial Loans
Seattle, Wash. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $11 million of permanent financing to refinance Cumberland Industrial Center, a four-building flex industrial park encompassing 118,500 rentable square feet on 7.4 acres at 22022-22028 68th Ave S in Kent, Wash. The multitenant property is occupied by a range of manufacturing, retail, and professional service tenants. Originally built in 1980 and since renovated, the industrial park has enjoyed stable, long-term occupancy.
Gantry’s Mike Wood, Principal, and Alex Saunders, Associate, with the firm’s Seattle production office secured the financing on behalf of the borrower, a private real estate investor. The five-year, fixed rate loan was placed with one of Gantry’s correspondent insurance company lenders at an attractive rate and included interest only payments for the entire loan term.
According to Gantry’s Mike Wood, “The industrial market continues to enjoy healthy conditions both regionally and nationally and remains a prioritized allocation for Gantry’s roster of correspondent insurance companies. The ownership of Cumberland Industrial Center is a long time Gantry client and an experienced sponsor with a reputation for being a great property manager. This has kept occupancy steady at this well-maintained property, which shows continued, long-term upside from successive leasing renewals as well as new tenants. When these conditions exist, Gantry’s stable of life company correspondent lenders are able to offer the most competitive terms available in the market.”