Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $5 million permanent loan to refinance existing debt for San Tan Medical, a medical office building located at 3717 S. Rome Street in Gilbert, an East Valley suburb of Metro Phoenix. The single-story property completed in 2021 encompasses approximately 22,200 square feet of modern rentable space that is 100% leased to four unique medical service providers. The location is adjacent to the growing Dignity Health Mercy Gilbert hospital campus, expanding later this year with the addition of a newly constructed Phoenix Children’s Hospital – East Valley wing.

Gantry’s Adam Parker, Principal, and Chad Metzger, Senior Associate, represented the borrower, a private real estate investor. The five-year loan was secured from one of Gantry’s correspondent life company lenders with 30-year amortization. Gantry will service the loan.

According to Gantry’s Adam Parker, “Office remains the most challenged asset class for financing in the current environment, however medical office is still attracting lots of interest from lenders.  To ensure the San Tan Medical borrower understood all their options, Chad and I marketed the loan request to many capital sources including correspondent life companies, banks, credit unions, and a few debt funds. Ultimately, the borrower chose a life insurance company lender which locked the interest rate at loan application providing certainty in a volatile interest rate environment.  The Life Co lender also offered the borrower a non-recourse execution, with prepay flexibility in the last 2 years, and a seamless underwriting process for a timely close on a pending maturity.”