Gantry Secures $151 Million of New Financing on Behalf of Presson Companies for 30 Property Arizona Industrial Portfolio
JUNE 29, 2017
Articles: AZBigMedia, REBusiness Online, ConnectMedia
PHOENIX, AZ – Gantry, the largest independent commercial mortgage banking firm in the western U.S., has secured $151 million in new permanent financing for a 30 property, multi-tenant industrial portfolio totaling more than 4 million square feet and in excess of 1,000 tenants.
Tim Storey, Principal, and Chad Metzger, Associate Vice President, with Gantry’s Phoenix production office worked with the borrower to arrange the 15 year, sub 4% rate, non-recourse financing with one of Gantry’s correspondent life company lenders, VOYA. Other terms were not disclosed. All loans will be serviced Gantry.
“When the time came to consider a fixed rate loan for a large portion of our portfolio, Tim Storey was my first call,” said Coree Peterson, Chief Financial Officer for Presson Companies. “Gantry made every step of the process, from evaluating options through closing, as easy as it could be.”
“Given the high quality of the sponsorship and the underlying real estate, there was significant interest from the institutional lending community in this opportunity,” said Gantry’s Storey. “After a thorough vetting of the market, VOYA ended up offering the best overall solution for the borrower’s portfolio and future plans. The team at VOYA not only delivered superior terms, but executed quickly and decisively on a challenging deal with many moving parts.”
The portfolio is a mix of light industrial / manufacturing buildings with small to medium size bay depths located in Phoenix, Tempe, Mesa, Chandler, Gilbert, Glendale, Goodyear, Surprise and Peoria, Arizona. The properties were constructed between 1966 and 2008 with approximately 25% of the tenants on month-to-month leases and range in size from 52,500 to 260,000 square feet.
Gantry, a privately held company based in San Francisco, is a full service mortgage banking firm with an extensive lineup of correspondent lenders utilizing Gantry’s production, closing and servicing capabilities. Established in 1991, Gantry is currently staffed by over 60 employees in regional offices throughout the western United States. The company services nearly $10 billion representing over 1,100 loans located throughout the country. Gantry is rated as a Primary Servicer by Standard & Poor’s and is one of a select few non-banking/non-insurance chartered companies with this designation