Property Type Industrial
Date August 2, 2021
“Industrial real estate is enjoying an impressive upcycle due to the growing relevancy of logistics and warehousing functions in our economy.”
Phoenix, Ariz. (August 2, 2021) – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $9.6 million in financing for the $17.4 million acquisition of a recently constructed multi-tenant industrial property located within the heart of Phoenix’s Southwest Industrial submarket.
The building, known as Jefferson 83, encompasses 126,824 square feet and features Class A infrastructure including 32-foot clear heights, LED lighting, gated truck court, 35 dock-high loading doors and ample parking. Jefferson 83 is 100-percent leased and occupied by two logistics-intensive tenants.
Gantry’s Tim Storey, Principal, and Chad Metzger, Senior Associate, with the firm’s Phoenix production office, worked with the borrower to identify and secure a best option loan vehicle for the acquisition. The loan was placed with one of Gantry’s correspondent life company lenders, with terms featuring a sub 3% rate and an interest only component.
According to Gantry’s Tim Storey, “Industrial real estate is enjoying an impressive upcycle due to the growing relevancy of logistics and warehousing functions in our economy. Life company lenders are extremely active in pursuit of allocations to this preferred asset class and that creates competition amongst lenders, which bodes well for borrowers. Quality assets sponsored by experienced operators are commanding the attention of multiple Class A lending sources. Currently, for any long-term ownership strategy at 55-percent LTV or lower, life company lenders continue offering extremely favorable terms and rates for qualifying industrial assets as we move into the second half of 2021.”