Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $11.1 million permanent loan for the acquisition of a 100% leased North Phoenix flex-Industrial facility. Pinnacle Peak Commerce Center is located at 23751 N. 23rd Avenue in Phoenix and encompasses 93,725 square feet leased in a multi-tenant format. The building is completely air conditioned and offers 145-foot bay depth with 45x45-foot clear column spacing with ample parking under a mile from a  I-17 Freeway interchange via Pinnacle Peak Road. Footage includes approximately 9,800 square feet of mezzanine office space.

Gantry’s Patrick Barkley, Principal, and Chad Metzger, Senior Associate, with Gantry’s Phoenix production office secured the loan on behalf of the borrower, a private real estate investor completing the upleg of a timely 1031 Exchange. The 10-year, fixed rate, permanent loan was funded by one of Gantry’s life company correspondents, with terms including 30-year amortization and prepayment flexibility after year five.

According to Gantry’s Patrick Barkley, “The Metro Phoenix region remains a top address for a range of companies utilizing flexible industrial facilities to support their warehousing, manufacturing, and/or operational needs. Our life company correspondents will prioritize allocations to quality industrial properties in markets like Phoenix that continue to exhibit strong fundamentals. While some lenders struggled to underwrite the mezzanine office component of the property to the asset’s full market value, Gantry was ultimately able to underwrite this 1031 upleg acquisition with one of our top life company correspondents for a loan at 20 basis points lower than any other competitive option, a win for our client and their legacy hold vision.”