Las Vegas, NV
September 22, 2023
First Phase of Silverado Commerce Center 100% Leased in a Multi-Tenant Format; Life Companies Continue to Forward Rate Lock and Fund 10-Year Loans at Attractive Rates for Quality Industrial
Las Vegas, NV – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $17 million fixed rate term loan. The new loan paid off the developer’s construction loan which had a rate about 3% higher than the new term loan. The property consists of two light industrial buildings totaling 141,000 square feet located in Southwest Las Vegas.
Gantry’s Chris Funai, Senior Director, with the firm’s Las Vegas production office secured the financing on behalf of the project developer, a private real estate investor. The 10-year loan was provided by one of Gantry’s correspondent life company lenders with terms including an attractive fixed rate locked in advance as a hedge against rate volatility and 30-year amortization.
“Industrial properties have remained consistent performers in the current economy and our correspondent life company lenders are aggressively competing for loans on top quality properties, here in Las Vegas and throughout Nevada where locations exhibit strong fundamentals. Silverado Commerce Center is a perfect example of what constitutes a quality asset, where an experienced sponsor with foresight developed a highly desirable property type serving a range tenant needs at a point in the cycle where vacancy for similar space is at near 0%. Ultimately, this new construction achieved 100% occupancy shortly after delivery, at rents far above the original proforma. Life companies reward this type of project with their best rates.”