Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $14.7 million permanent loan for the acquisition of Eastport Tech Center located at 1601,1605,1607, and 1609 Eastport Plaza Dr. in Collinsville, Ill. The four-building industrial park encompasses 202,508 square feet on 14.2-acres and serves the greater St. Louis MSA from an Illinois-border location with direct access to major regional highways, including I-55, I-255, I-64, and I-70. The property is 100%-occupied in a multi-tenant format with a staggered rent roll.

Gantry’s Joe Monteleone, Principal, and Bonnie Monteleone, Senior Associate, with the firm’s St. Louis production office represented the borrower, a private real estate company. The five-year, fixed rate loan was provided by one of Gantry’s correspondent insurance company lenders and features 30-year amortization.

According to Gantry’s Joe Monteleone, “Industrial property remains one of the healthiest asset classes for both performance and investment in the current market climate, and the St. Louis region offers the strong fundamentals Gantry’s insurance company correspondents look for in their commercial mortgage loan allocations. This multi-tenant property’s strategic Metro East location, 100%-percent occupancy, staggered lease terms, and regional rent growth projections offered exceptional upside to an experienced sponsor. Gantry’s ability to lock an attractive fixed rate at application with one of our long-time insurance company correspondents mitigated the volatility of recent rate increases and ensured a smooth closing for our client as they added a strong asset to their portfolio.”