Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured an $18 million permanent loan as construction takeout financing following the successful development and lease up of Gateway Quads in Mesa, an East Valley suburb of Metro Phoenix. The four building, multi-tenant, class A industrial park is located at 8150 E. Germann Road and encompasses a total of 122,720 leasable square feet. The individual buildings each offer 30,680 square feet of space and are divisible to 7,600 square feet with 24’ clear heights, truck well and grade level loading, 1,200 Amps of 480V at each building, and secured 180-foot truck courts.

Gantry’s Tim Storey, Principal, Chad Metzger, Senior Associate, and Andrew Christopherson, Associate, with the firm’s Phoenix production office represented the borrower, a private real estate investor. The ten-year, non-recourse, fixed rate loan was provided by one of Gantry’s correspondent insurance company lenders and features partial term interest only transitioning to 30-year amortization. Gantry will service the loan for its correspondent.

According to Gantry’s Tim Storey, “Gantry’s exclusive roster of insurance company lenders remain a highly competitive source for permanent loans on stabilized new construction industrial and should be top consideration for qualifying properties. After achieving 100% occupancy for these modern, smaller footprint, multi-tenant buildings, sponsorship was looking to retire expensive construction-era debt with permanent financing at a much more attractive rate. The selected loan from one of our top correspondents maximized proceeds with the final terms including low fixed-rate coupon and partial interest only payments transitioning to amortization, stabilizing the asset for sponsorship’s plans for long-term legacy hold investment.”