Gantry has secured a $16 million permanent loan to refinance the Kirkland Business Center located at 11860 NE 112th St in Kirkland, Washington.

Originally delivered in 1962 and 1969, the 104,000-square-foot, multi-tenant buildings are 100% leased to a range of small bay tenants. Gantry’s Principals Mike Wood and Mike Taylor, and Senior Associate Tim Brown, with the firm’s Seattle production office, represented the borrower, a private real estate investor. The seven-year, fixed-rate loan was provided by one of Gantry’s correspondent insurance company lenders and features cash-out proceeds with full-term interest-only payments. Gantry will service the loan on behalf of the lender.

“Well-located Puget Sound multi-tenant industrial continues to be a preferred allocation target for our network of insurance company lenders,” said Wood. “Their stable, fixed-rate permanent programs are attractive for legacy hold investors seeking to capitalize on long-term appreciation, historic performance, and strong operating metrics.”

Wingspan Development Group announced that WDG Finance has closed the $16 million WDG GP Fund II, its second since 2021, to fuel the firm’s multifamily development business growth in Illinois, Wisconsin, and Florida.

Nearly 40% larger than WDG’s GP Fund I, with an average investment about 50% higher, the $16 million fund will participate in the equity of five ground-up projects: The Henry at Harms Woods in Skokie, Ill.; The Whitt in Riverview, Fla.; Wekiva Ranch in Apopka, Fla.; The Pabst Farm Development in Oconomowoc, Wisc.; and The Vue in Elk Grove Village, Ill. It will also fund a preferred equity position in NICHE in Tampa, Fla. All six properties are developed in partnership with Wingspan’s sister company, Nicholas & Associates, a full-service contractor.

Wingspan currently has nearly $900 million in multifamily assets, including over $350 million in stabilized assets and about $500 million in entitled projects under development across several Chicago suburbs, Southeast Wisconsin and Central Florida.

DAUM Commercial Real Estate Services has completed the sale of a 49,561-square-foot industrial building at 1141 California Ave. in Corona. The sale price was $15.99 million.

“The sale of this property was the culmination of a yearlong project with our client to renovate and reposition a 1980s vintage industrial property,” said Charles Johnson, EVP and principal at DAUM Commercial. “The transaction demonstrates that even in a challenging market, properties that cater to the masses by way of efficient loading, minimal office, and excellent location, will attract buyers and lenders willing to finance the purchase.”

The property in the Inland Empire’s Riverside County was built in 1988. In 2023, the asset was purchased by PPVS Properties LLC, which worked to renovate the property and reposition the site for possible industrial lease or sale.

Johnson, Joseph Harmon and Noah Samarin of DAUM represented the seller. A Colliers team of Clyde Stauff, Jace Gan and Jackson Marlow represented the buyer, which will use the property to expand its existing flooring business.