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May 28, 2020

Gantry secures two loans worth $25M

Gantry recently announced a pair of financing deals in our region. Mike Wood secured a $17 million loan for the Brewery Blocks in Tacoma, the new mixed-use development by Horizon Partners Northwest. A life insurance company put up the three-year bridge loan. Wood explained, “The Brewery Blocks borrower was seeking a bridge loan to pay off their existing construction loan that was coming due.” Wood also arranged a $7.8 million loan to the unnamed owner of two 17-year-old industrial buildings at Seaway Business Park in Everett. Another life insurance company provided the 20- to 30-year loan, which is interest free for the first five years. That structure, said Wood, “allows the borrower to recoup the prepayment penalty and improve cash flow.”

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