Property Type Industrial
Financing Type Acquisition
Date July 18, 2018
Situated within the Papago Industrial District, adjacent to Interstate 10 and Interstate 17, the subject’s submarket is experiencing low industrial vacancy, making this asset a good candidate for a value-add business plan.
JULY 19, 2018
PHOENIX, AZ – Gantry, the largest independent commercial mortgage banking firm in the U.S., has arranged financing in the amount of $8,025,000 secured by two industrial warehouse buildings totaling 153,900 SF located in Phoenix, AZ. Situated within the Papago Industrial District, adjacent to Interstate 10 and Interstate 17, the subject’s submarket is experiencing low industrial vacancy, making this asset a good candidate for a value-add business plan.
Adam Parker, Principal, and Chad Metzger, Associate Vice President, arranged this acquisition / rehab loan through a debt fund. At loan closing, the subject property was 66% occupied, due to a tenant’s departure a few months prior to close. The borrower’s business plan is to make capital improvements to the building, lease the vacant space, and increase the existing tenants to a market rental rate. The Gantry team structured a loan that allowed the borrower to acquire the property using an initial funding. The loan also included a future funding facility which the borrower could use to pay for capital expenditures, tenant improvements and leasing commission costs.
Gantry, a privately held company based in San Francisco, is a full service mortgage banking firm with an extensive lineup of correspondent lenders utilizing Gantry’s production, closing and servicing capabilities. Established in 1991, Gantry is currently staffed by over 70 employees in regional offices throughout the western United States. The company’s national servicing platform of $12 billion represents over 1,300 loans located in 40 states. Gantry is rated as a Primary Servicer by Standard & Poor’s and is one of a select few non-banking/non-insurance chartered companies with this designation.