Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $20 million loan to refinance a renovated warehouse facility located at 2500 Heinz Road in Iowa City. The 346,062-square-foot distribution center is 100% leased to Amazon for use as a regional delivery station serving the Cedar Rapids and Iowa City MSA’s from a logistically efficient location with ready access to I-80 and I-380, key interstate freeway arterials serving Eastern Iowa. The facility occupies a nearly 40-acre site zoned for industrial use with ample parking, trailer storage, and room for expansion.

Gantry’s Tony Kaufmann, Principal, and Joe Foley, Associate, with the firm’s San Francisco production office represented the borrower, a private real estate investor. The 10-year, fixed rate, non-recourse loan was secured from a credit union selected from Gantry’s extensive roster of lenders, with terms including partial interest only and no prepayment penalties.

According to Gantry’s Tony Kaufmann, “Industrial property is still a top asset class for loan allocations from a range of debt sources, including life companies, CMBS, banks and credit unions. Gantry reviews the full spectrum of relevant loan programs to source the financing option most closely aligned to a client’s investment plan. Underwriting for this request reflected a recently renewed lease with Amazon as a credit tenant and their substantial dedication to the property. After a full survey of options, we identified a mid-sized credit union with a program that not only maximized proceeds but also provided the borrower with optimal flexibility to refinance or sell.”