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September 17, 2020

Gantry makes $5.6 Woodinville refi deal

Gantry announced the recent provision of a nearly $5.6 million, 10-year loan to refinance an industrial property in Woodinville. The borrower, an LLC related to Underwood Gartland Development of Bellevue, is the owner of a 71,750-square-foot industrial building at 8415 216th St. S.E. The building is fully leased to Bio-Rad Laboratories, a global leader of life science research and clinical diagnostic products. Gantry's Michael Wood and Colin Ceithaml secured the funding. Wood said in a statement, “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. 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.”

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