Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $103 million loan to retire construction financing for Gillespie Field iPark, a 386,000-square-foot class A industrial development located in El Cajon, an eastern suburb of San Diego. The state-of-the-art, divisible building includes 30-32’ clear heights, ESFR sprinklers with K-25 heads, 64 loading docks, 4 grade level doors and excess land providing 115 additional truck trailer stalls, a rarity in the local submarket. The building is equipped with 16,000 amps of 480-volt power, making it ideal for heavy manufacturing and other high-demand power users. It is also working toward true Net Zero energy through a planned 4 MW utility-scale rooftop solar array and will include charging stations for EV semi-trucks.

Gantry’s Drit Shoemaker, Director, Peter Hillakas, Senior Director, and George Mitsanas, Principal, represented the borrower, Chesnut Properties. The bridge loan was provided by BlackRock Managed Funds and Accounts and includes two 12-month extension options as well as reserves for phase I of the solar array, tenant improvements, and leasing commissions.

According to Gantry’s Drit Shoemaker, “After securing the original construction loan, our client asked that Gantry source takeout financing and on-going lease-up capital for the completed development. While nearly 50% leased to a global aerospace parts manufacturer, Gillespie Field iPark was not ready for permanent financing, so our team went to work on identifying the best-in-market bridge solution that could support the property through to full stabilization.”

“Once we cleared the market nationally, BlackRock’s loan offering rose to the top for their competitive rate, terms and structure. The new loan will not only retire the existing construction note but also fund construction of the first of three phases of a 4MW solar array along with future TIs and LCs,” added Gantry’s Peter Hillakas. “The project now has a clear flight path to success, and our team couldn’t be happier to have played a role in making that possible.”