Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $16 million permanent loan to refinance the Kirkland Business Center located at 11860 NE 112th St in Kirkland, a King County suburb east of Seattle. The 104,000-square-foot, multi-tenant, buildings are 100% leased to a range of small bay tenants. Originally delivered in 1962 and 1969, the improvements at a strategic location offering ready access to I-405 continue to thrive under active management from legacy sponsorship.

Gantry’s Mike Wood, Principal, Mike Taylor, Principal, and Tim Brown, Senior Associate, with the firm’s Seattle production office represented the borrower, a private real estate investor. The seven-year, fixed rate loan was provided by one of Gantry’s correspondent insurance company lenders and features cash out proceeds with full term interest only payments. Gantry will service the loan on behalf of the lender.

According to Gantry’s Mike Wood, “Well-located Puget Sound multi-tenant industrial continues to be a preferred allocation target for our network of insurance company lenders. Their stable, fixed rate permanent programs are attractive for legacy hold investors seeking to capitalize on long-term appreciation, historic performance, and strong operating metrics. Even though these are older structures, they are well maintained. The land value alone when aligned with the stabilized structures allowed us to retire maturing debt with a full-term interest only loan to maximize cash flows while also providing cash out for redeployment.”