Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $22 million permanent loan to refinance maturing debt on a 437,000-square-foot, single tenant industrial building located at 6600 W. Latham Street in Phoenix at a strategic location adjacent to I-10 with ready access to Loop 202, siting logistical efficiencies and consumer accessibility. The building sits on approximately 23.25-acres and is currently used as a both a showroom and warehouse facility for Living Spaces.

Gantry’s Tim Storey, Principal, and Chad Metzger, Senior Associate, with Gantry’s Phoenix production office represented the borrower, a private real estate investor. The five-year, fixed rate loan was provided by a life company lender from Gantry’s exclusive network of correspondents and affiliates, featuring a full-term interest only payment schedule.

According to Gantry’s Tim Storey, “Gantry’s network of insurance company lenders continues to show a strong appetite for loans on quality industrial property. Phoenix remains one of the nation’s best performing markets for the asset class. A property like this with a reputable single tenant in place offers additional long-term residual value from being directly adjacent to a national logistics corridor like the I-10 with ready access to local markets via Loop 202. Ultimately, by showcasing experienced sponsorship, historical performance, and potential future upside, we secured a loan package from one of our life company affiliates offering a competitive cash out proceeds at commencement, and full-term interest only to maximize cash flows going forward.”