Gantry, a leading commercial real estate financing firm, has successfully secured a $30 million permanent loan for the Lee Johnson Family’s iconic automotive dealership property in Kirkland, Washington. The 100,000-square-foot facility and showroom located at 11845 NE 85th Street will benefit from this low-leverage nine-year loan with an attractive fixed-rate and 30-year amortization.
Principal Demetri Koston of Gantry’s Spokane office collaborated with Principal Mike Taylor in Seattle to secure the financing on behalf of the borrower – a private partnership. With nearly a century of successful business history in the region, this generational operation is highly regarded by Koston who stated that specialized facilities like auto dealerships can be challenging for capital sources to underwrite. However, Gantry’s strong relationship with insurance company correspondents enables them to present a clear operational picture along with an appropriate land and facility evaluation that showcases sponsor proformas in terms that make sense to their wide range of insurance lenders.
The article originally appeared on Connect CRE but has been modified as per instructions.
