Property Type Industrial
Financing Type Acquisition
Date March 16, 2023
Newly Constructed, 157,000-Square-Foot Property Located in Peoria Business Center is 100% Leased to a Credit Tenant; Industrial Property Remains Preferred Asset Class of Fixed Rate Lenders
Phoenix, Ariz. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $12.9 million of permanent financing for the acquisition of a newly constructed, 157,000-square-foot warehouse facility, fully leased to a single credit tenant. The acquired property includes a dedicated vehicle maintenance building. The modern facility is the first building completed within the Peoria Logistics Park, a 150-acre master planned logistics development at a location two miles east of Loop 101 in the city of Peoria, a Phoenix MSA suburb.
Gantry’s Tim Storey, Principal, and Chad Metzger, Senior Associate, with the firm’s Phoenix production office secured the financing on behalf of the buyer, a private real estate entity. The fixed rate, 11-year loan was provided by one of Gantry’s correspondent life company lenders.
According to Gantry’s Tim Storey, “Our life company correspondents have a strong appetite for lending on high quality industrial assets like this newly constructed building at Peoria Logistics Park. For this transaction, we had a highly qualified sponsor seeking a low leverage, fixed rate loan for the acquisition of a modern, fully leased, credit tenant building. This allowed us to identify multiple competitive options before finalizing this loan. Our roster of life company lenders are well capitalized and working to optimize rates and terms in the current climate. They are extremely flexible when substantial equity is committed by the sponsor and continue to lock rates at time of application for transactional stability in a volatile, rising rate environment.”