Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured two fixed rate loans totaling $18.5 million for a one client sponsor navigating a new asset acquisition and permanent refinance. The newly acquired property is a single tenant, 124,000-square-foot food distribution warehouse facility located at 2026 US Hwy 70 W in Goldsboro, North Carolina, a strategic location for efficient logistics south of Raleigh with ready access to regional transit corridors. The refinanced property is also a single tenant, 162,000-square-foot food distribution warehouse facility located at 2900 Lowery Street in Winston-Salem, North Carolina, split evenly between dry and cold storage. The property is also well positioned to access regional transit corridors serving the Southeast.

Gantry’s Tony Kaufmann, Principal, and Jake Davis, Associate, with the firm’s San Francisco production office represented the borrower, a private real estate investor. The acquisition financing was secured from one of Gantry’s life company correspondents and the five-year, fixed rate loan offers two-years of interest only, then 30-year amortization. The permanent refinance also came from a Gantry correspondent with the 10-year, fixed rate loan including upfront interest only, then 30-year amortization. Gantry will service the loans for the lenders.

According to Gantry’s Tony Kaufmann, “Gantry’s roster of life company correspondents continues to view industrial real estate as their primary target asset type alongside multifamily. With ready allocation bandwidth still available across the debt markets, competition for quality assets continues to benefit borrowers. Both these properties enjoy logistical efficiencies from their unique locations, strong historic performance, stable occupancy and asset sponsorship experienced in food distribution. This allowed us to underwrite for maximum proceeds at an attractive fixed rate including some upfront interest only to enhance early term cash flows for the pair of relatively low leverage loans.”