Dealmaker: Gantry Arranges $29M for Arizona Industrial Assets
Gantry, San Francisco, arranged $28.9 million in financing for two Class A Arizona industrial buildings.
Gantry Principal Tim Storey and Senior Associate Chad Metzger arranged $17 million in acquisition financing for 7400 W. Buckeye Road in Phoenix. Developed in 2013 by Sun State Builders, the 325,800-square-foot warehouse is in Phoenix’s Southwest Industrial submarket, an area with several large distribution centers including Amazon, FedEx, Home Depot, Target, WinCo and PepsiCo.
Storey and Metzger represented borrower Kaiser Industrial SPE LLC. They structured the life insurance company financing as a 10-year interest-only loan at a sub-3 percent rate. Gantry will service the loan.
“The borrower is acquiring the property for $31 million from an institutional seller in an off-market transaction,” said Storey. “It also owns several other industrial buildings in the immediate vicinity and knows the submarket well.”
illustration courtesy of Gantry
Gantry Principal Adam Parker and Metzger also arranged $11.9 million in construction financing for an industrial project under construction in Chandler.
Scheduled to be completed in the fall 2021, the 9.6-acre lot will host two multi-tenant industrial buildings totaling 144,000 square feet.
A regional bank supplied borrower Hopewell Development with a loan structured with an initial two-year construction term followed by a five-year mini-perm option.
