SEATTLE (September 2, 2020) – Gantry, the largest independent commercial mortgage banking firm in the U.S., secured a $5,570,000 loan for UG216 in Woodinville, WA. The 71,750-square-foot industrial asset at 8415 216th St. SE in suburban Seattle is fully leased to Bio-Rad Laboratories, Inc., a global leader of life science research and clinical diagnostic products.
Gantry’s Michael Wood and Colin Ceithaml represented the borrower, Underwood Gartland 216, LLC, in the refinancing transaction. The 10-year, 30-year amortization loan was arranged through State Farm.
Gantry’s Michael Wood said, “State Farm stepped up for a repeat borrower and put forth a great non-recourse quote with a 30-year amortization and lower rate than competitive lenders. It helped that the property is home to an investment grade tenant because that checks off a big box for lenders seeking to hedge against risk in today’s COVID-19 environment.”
The industrial building was built in 1999, has 20 dock high doors, four grade level doors, and 24-foot clear heights. Woodinville is located roughly 20 miles northeast of downtown Seattle, across Lake Washington.
Gantry is the largest independently held, full-service commercial mortgage banking firm in the United States. Established in 1991 and headquartered in San Francisco, Gantry has expanded across the country and is staffed by 90 employees in regional offices in Los Angeles, Newport Beach, Seattle, Spokane, Portland, Phoenix, Las Vegas, and Buffalo, NY. Gantry is the correspondent/servicer for a roster of the leading life insurance, CMBS and Agency lenders across the nation, placing more than $4 billion in loans per year. Gantry’s national servicing platform exceeds $16 billion, representing over 2,000 loans located in 40 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.