Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured non-cross collateralized permanent loans for one sponsor to refinance two adjacent, Tempe, Ariz. industrial properties encompassing 298,324 square feet in total. The properties include a 203,224-square-foot industrial property located at 1805 W Drake Dr/7160 S Harl Ave and a 95,100-square-foot property located at 1819/1825/1829/1839/1849 W Drake Drive, both located within the city of Tempe, a suburb of Metro Phoenix.

Gantry’s Tony Kaufmann, Principal, and Joe Foley, Associate, with the firm’s San Francisco production office secured the loans on behalf of the borrower, a private real estate investment company and common sponsor of each property. The permanent loans of $19,750,000 and $10,250,000 were both secured through one of Gantry’s exclusive correspondent insurance company lenders, and feature eight-year terms with partial interest-only and prepayment flexibility. The cash-out refinance closed in just over 60 days.

According to Gantry’s Tony Kaufmann, “Gantry’s insurance company correspondents are one of the most consistent and attractive sources for commercial mortgage debt in the current cycle, and multi-tenant industrial assets remain one of their preferred allocations. This pair of assets offer a perfect example of readily financeable properties. The strong fundamentals of the Metro Phoenix industrial market, stable occupancy supported by in-place rents meeting debt service thresholds, even at below market rates, and experienced sponsorship focused on a legacy hold allowed us to shop this requirement across our full roster of insurance correspondents, ultimately landing on one source for the loans that maximized cash-out proceeds at attractive rates with pre-payment flexibility built in after the end of the interest only period.”