Property Type Industrial
Financing Type Refinance
Date May 17, 2022
The property offers Class A features that include: a 24’ clear height; all LED lighting; full facility air conditioning; ESFR; 18 dock-high doors; and ample parking.
Life Company Financing for Stabilized Property Offers Attractive Interest Rate on 10-Year Loan; Industrial Assets Remain Prioritized with Life Company Lenders for Targeted Loan Allocations
Fayetteville, N.C. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $9 million to refinance a single-tenant industrial building located in Fayetteville, N.C. The 260,000-square-foot property is 100% leased for a 15-year term to a credit tenant and utilized for that company’s East Coast distribution and customer service operations. The building was constructed in 1991, renovated in 2015, and is located on approximately 31 acres. The property offers Class A features that include: a 24’ clear height; all LED lighting; full facility air conditioning; ESFR; 18 dock-high doors; and ample parking.
Gantry Principals Tim Storey and Adam Parker with the firm’s Phoenix production office secured the loan on behalf of the borrower, a private owner/investor. The 10-year, low-3% fixed rate loan was funded by one of Gantry’s correspondent life company lenders.
According to Gantry’s Adam Parker, “The national industrial property market is one of the healthiest asset classes in commercial real estate today. By signing a new 15-year lease to a credit tenant, the borrower was able to attract a Life Co. lender despite the asset being located in a tertiary market. The Life Co. lender was able to lock the low 3% interest rate at loan application which proved to be extremely important in an increasing interest rate environment. The 15-year fixed rate loan from a lender that holds the paper on their balance sheet proved to be most attractive option for this sponsor.”