Gantry Secures Funding to Overhaul Mixed Use Property in Portland

Gantry, the largest independent commercial mortgage banking firm in the United States, has secured a $9.5 million permanent loan to refinance Columbia Crossings, a mixed-use special purpose property featuring three marinas, floating home moorage, self-storage facilities, a storage yard, and commercial space at separate locations on Portland’s Tomahawk Island with direct access to the Columbia River. The property encompasses three protected harbors – Tomahawk Bay, Jantzen Bay and Hayden Bay – and features 399 boat slips, 56 floating homes, 210 self-storage units, a 7.2-acre storage yard, and 16,300 square feet of commercial facilities including a fueling station.

Gantry’s Mike Wood, principal, and Tim Brown, senior Associate, with the firm’s Seattle production office represented the borrower, a private real estate investor. The five-year loan was secured from a regional bank with an attractive fixed rate and full-term interest only.

According to Gantry’s Mike Wood, “Gantry has deep experience securing financing for marina and other special use properties. These facilities can be challenging for lenders and require a clear articulation of land basis, cash flows and business lines for successful underwriting. Columbia Crossings is a premier facility with experienced sponsorship that encompasses a diverse range of related uses serving the Portland boating community with direct access to the Columbia River. Refinancing the property was an opportunity to retire maturing debt on the facilities and deliver substantial proceeds for a property-wide improvement and maintenance program to ensure Columbia Crossings’ continued status as Portland’s premier marina facility.”