IPA Capital Markets, a division of Marcus & Millichap, has arranged $116.52 million in financing for the development of a 1.4 million-square-foot industrial property in the Pacific Northwest.
Gary Mozer, IPA Capital Markets executive managing director, and Lee Norman, senior managing director, both in the firm’s Los Angeles office, secured the financing on behalf of a national real estate development and investment firm specializing in the acquisition, development and management of commercial real estate.
“The credit nature of the tenant allowed us to secure 95% loan-to-cost financing at a five-year fixed rate of 5.28%,” said Mozer. “The loan includes yield maintenance prepayment terms, with the final six months open with no prepayment penalty.” The deal comes as the Puget Sound industrial market saw vacancy rising to 11.5% in the first quarter of 2026, increasing 230 basis points year-over-year and marking a new high for the region.
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