Dealmaker: Gantry Secures $13M for Two Industrial Assets

Gantry, San Francisco, secured $12.75 million in financing for industrial properties in California and Washington.

The firm secured a $7.25 million loan for Menlo Park Tech Center in Menlo Park, Calif. The R&D asset at 3565 Haven Avenue is 85 percent leased. Gantry Principal Mitchel Zeemont and Production Associate Tony Kaufmann represented the borrower in refinancing their existing loan on the property with a new five-year, 30-year amortization loan from Securian Asset Management, St. Paul, Minn.

Zeemont said the borrower sought a five-year fixed-rate option from a balance sheet lender with flexible prepayment. Although the property is currently experiencing a vacancy, Securian was comfortable with the borrower’s track record and the collateral’s infill location minutes away from Highway 101 in Silicon Valley.

Gantry also secured $5.5 million to refinance UG216 in Woodinville, Wash. The 71,750-square-foot industrial asset at 8415 216th St. SE in suburban Seattle is fully leased to life science research firm Bio-Rad Laboratories Inc. Hercules, Calif.

Gantry Principal Michael Wood and Associate Colin Ceithaml represented borrower Underwood Gartland 216 LLC in the transaction. State Farm, Northbrook, Ill., supplied a 10-year loan with a 30-year amortization schedule.

“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,” said Wood. “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.”

Built in 1999, UG216 has four grade-level doors and 24-foot clear heights. Woodinville is 20 miles northeast of downtown Seattle across Lake Washington.