Dealmaker: Gantry Secures $25M to Refinance Industrial Park, Marina

Gantry, San Francisco, secured $24.6 million for two assets in California and Washington.

In Santa Rosa, Calif., the firm arranged $21 million to refinance the Industry West Commerce Center. The three-building property encompasses 193,400 square feet of industrial space fully occupied by multiple tenants.

Foss Landing Marina, Tacoma, Wash.

Gantry Principal Jeff Wilcox and Senior Associate Erinn Cooke secured the financing via a correspondent life company lender. The new loan retired existing debt one year early to capitalize on the low interest rate environment and favorable terms offered in the current market cycle to qualified borrowers.

The 20-year fixed-rate loan amortizes over 30 years.

“Our borrower client was able to retire an existing commercial mortgage-backed securities structure early, lock in a timely low interest rate over a 20-year term and recover their original equity spent developing the project in 2008,” Wilcox said. He noted the lender underwrote to a prime rate due to the strong sponsorship and the asset’s 100 percent occupancy rate.

The firm also secured $3.6 million in new financing for Foss Landing Marina, a special-use property with a 31,200-square-foot boat dry-stack building and waterfront wet moorage facilities on the southeast side of the Thea Foss Waterway near downtown Tacoma, Wash.

Gantry Principal Mike Wood and Associate Adam Saunders secured the financing via a life company lender. The 10-year loan priced below 3.60 percent with a twenty-year amortization schedule.

“In the case of Foss Landing, we were able to articulate the historical strength of the property’s operating use, the best practices and consistent performance of the facility’s experienced management team and the long-term relevancy of a commercial marina at a Pacific Northwest location serving such a popular and relevant local leisure activity,” Wood said.