May 21, 2020
Gantry, Inc. arranged nearly $25 million in financing for a pair of Puget Sound properties. They include a $17 million loan for the Brewery Blocks in Tacoma and a $7.8 million deal for Seaway Business Park Buildings G & H in Everett (pictured above). Mike Wood, Principal in Gantry’s Seattle office, arranged the financing for both properties through two correspondent life insurance companies.
Located in the heart of Tacoma’s Brewery District, the newly-built Brewery Blocks features 49 apartment units and over 31,000 square feet of commercial space. Wood worked with the borrower, Horizon Commerce Partners, LLC. (Horizon Partners NW), in securing the three-year bridge loan with a West Coast-based life insurance company. “The Brewery Blocks borrower was seeking a bridge loan to pay off their existing construction loan that was coming due,” said Wood.
Wood also arranged the 20/30-year loan for the Seaway Business Park in Everett, including five years of interest-only through another correspondent life insurance company. The two industrial buildings at 1330 and 1500 Industry St. were built in 2003 and total 112,475 square feet.
For comments, questions or concerns, please contact Dennis Kaiser