September 7, 2023

Gantry finds $11M for Kent refinancing

The 43-year-old Cumberland Industrial Center in Kent recently benefited from an $11 million refinancing package. The five-year, fixed-rate loan was secured by Mike Wood at Gantry, that firm recently announced. Public records indicate Lincoln National Life Insurance as the lender. The borrowers were a trio of local investors. Wood said in a statement, “The industrial market continues to enjoy healthy conditions both regionally and nationally.” He said the owners, longtime clients, have a “reputation for being a great property manager. This has kept occupancy steady at this well-maintained property, which shows continued, long-term upside from successive leasing renewals as well as new tenants.” With about 118,500 square feet, Cumberland has several small business and industrial tenants. It last traded a decade ago for $11 million.