Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured an $11.9 million permanent loan to refinance Dogwood Enterprises Industrial Park, located at 3200 35thAve. NE in Everett, a strategic Puget Sound port community north of Seattle. The four-building property offers 106,686 square feet, direct access to I-5, and is situated on a total of 31.6-acres, 12 of which are undeveloped. The park is leased to a single tenant.

Gantry’s Mike Wood, Principal, Demetri Koston, Principal, and Tim Brown, Senior Associate, with the firm’s Seattle and Spokane production offices represented the borrower, a private real estate investor. The 10-year, fixed rate loan was secured from a Credit Union on Gantry’s extensive roster of vetted lenders with prepayment flexibility and 25-year amortization.

According to Gantry’s Demetri Koston, “This was a challenging assignment that resulted in a great loan outcome for a legacy hold. It is an older property with four industrial  buildings originally built in 1969, but offering 12-acres of undeveloped property and direct access to the I-5, ready access to the Port of Everett, and a strategic Seattle-adjacent location just 80-miles south of the Canadian border. After executing a strategic leasing program following acquisition of the property in 2023, our client wanted to stabilize the asset with permanent debt for a long-term hold. Our ability to survey the full spectrum of loan options from Gantry’s expansive roster of lenders identified a Credit Union execution that met our client’s business plan at an attractive fixed rate with prepayment flexibility. Industrial property remains one of the most sought-after asset types for most if not all our lenders. Our role in the process is to make sure our client finds the right loan to meet specific investment goals.”