Updated Dec 4, 2024
Gantry Secures $11M Refinance Loan For Cumberland Industrial Center In Kent, WA
22022 68th Avenue South & 22028 68th Avenue South
$11,000,000
$46/SF
Building Size
118,500 SF
Asset Type
Industrial
Closing
Aug 31, 2023
About this deal
AI
The Cumberland Industrial Center, located at 22022-22028 68th Avenue South in Kent, WA, has secured $11 million in permanent financing for a refinancing deal. The flex industrial park consists of four buildings spanning 118,500 rentable square feet and sits on 7.4 acres of land.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $11,000,000
- Address: 22022-22028 68th Avenue South, Kent, WA
- Market: Kent, WA
- Square Footage: 118,500
- Acres: 7.4
The brokers, Alex Saunders and Mike Wood from Gantry, played a crucial role in securing the refinance loan for the Cumberland Industrial Center. They successfully negotiated a five-year, fixed-rate loan, providing the necessary financial support for the property.
On the Map
$11,000,000
$46/SF
Industrial
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Players
Kent Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.44%
Cash-on-Cash
-0.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93