Gantry has secured a $6 million permanent loan for a trio of suburban neighborhood retail properties located in Bothell, a north Seattle suburb at the King and Snohomish county line.
The six buildings total 31,000 square feet, with four in a freestanding, single tenant format and two in a multi-tenant, inline layout. The individual assets were cross collateralized at 100% occupancy, featuring a range of tenants including Verizon, Red Robin, Panera Bread, Chipotle, and Key Bank.
Gantry’s Stefan Malmlund, Peter Welsh, and Claire Jones, with the firm’s Irvine production office represented the borrower, a private real estate investor. The fixed rate, five-year loan was secured at low leverage from a free and clear ownership position in a cash out refinance. Gantry will service the loan.
“This collaborative approach to client debt strategy helped us identify existing assets that were unencumbered and provide a conservative cash-out loan with the intention of growing their portfolio,” said Malmlund.
The post Gantry Secures $6M for Seattle Region Neighborhood Retail Assets appeared first on Connect CRE.