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. (August 31, 2023) –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 multi-tenant 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.”
Gantry, a privately held company headquartered in San Francisco, is a full-service mortgage banking firm with an extensive lineup of correspondent lenders utilizing Gantry’s production, closing, and servicing capabilities. Established in 1991, Gantry is currently staffed by nearly 100 professionals in regional offices throughout the western United States and in New York with over 45 production teams. The company’s national servicing platform of approximately $18 billion represents more than 2,100 loans located in 43 states. Gantry is rated as a Primary Servicer by Standard & Poor’s and is one of a select few non-banking/non-insurance-chartered companies with this designation.