Dealmaker: Gantry Secures $13M for Phoenix Industrial Property

(Peoria Logistics Park, Peoria, Ariz.)

Gantry, San Francisco, secured $12.9 million in permanent financing for a newly constructed, 157,000-square-foot warehouse facility in Peoria, Ariz.

A single credit tenant occupies the property, which includes a dedicated vehicle maintenance building. The modern facility is the first building completed within the Peoria Logistics Park, a 150-acre master-planned logistics development two miles east of Loop 101 in suburban Phoenix.

Gantry Principal Tim Storey and Senior Associate Chad Metzger with the firm’s Phoenix production office secured the financing for the private real estate entity buyer. A life company provided the fixed-rate, 11-year loan.

“Our life company correspondents have a strong appetite for lending on high-quality industrial assets like this newly constructed building at Peoria Logistics Park,” Storey said. “For this transaction, we had a highly qualified sponsor seeking a low-leverage, fixed-rate loan for the acquisition of a modern, fully leased credit tenant building. This allowed us to identify multiple competitive options before finalizing this loan.”

Storey noted life company lenders are well capitalized and working to optimize rates and terms in the current climate. “They are extremely flexible when substantial equity is committed by the sponsor and continue to lock rates at time of application for transactional stability in a volatile, rising rate environment.”