Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $17.15 million permanent loan to refinance a maturing construction-to-permanent loan for a modern warehouse 100%-leased to FedEx to serve as a regional shipping center. Located at 7301 Hardeson Rd in Everett, the 123,000-square-foot warehouse facility sits on 10.5-acres and was completed in 2019, after which FedEx took occupancy on a long-term lease.

Gantry’s Tony Kaufmann, Principal, and Joe Foley, Associate, with the firm’s San Francisco production office secured the loan on behalf of the borrower, a private real estate investor. The 10-year, fixed rate loan was secured from one of Gantry’s correspondent life company lenders with a partial interest only period followed by 30-year amortization. Gantry will service the loan.

According to Gantry’s Tony Kaufmann, “Single tenant industrial properties with a credit tenant in place remain one of the most sought-after investment properties in the current market cycle. Mike Wood, from Gantry’s Seattle office, had secured the original construction-to-permanent loan that led to a transition of new sponsorship taking on the remaining term, reaching maturity in late 2025. This superlative asset checked every box with our roster of life company correspondents, who compete to finance assets like this with a long-term credit tenant in place, ample debt service coverage, and experienced sponsorship. After reviewing options, we were ultimate able to optimize a permanent loan for a legacy hold with terms including partial interest only transitioning to 30-year amortization with a sub-6% rate.”