Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $10 million permanent loan supporting the acquisition of Elwood Rising, a newly constructed 120,000-square-foot industrial building located at 3750 S. 156th Ave in Goodyear, Ariz., a West Valley Metro Phoenix suburb. The class A facility was completed in January 2024 and is 100%-leased to a credit tenant in a long-term agreement. Elwood Rising features an all-concrete and secured truck court with a maximum depth of 220 feet, 3,600 square feet of office space, 32-foot clear heights, and a fully air-conditioned warehouse.
LEARN MORE: SIHI breaks ground on Costco-anchored Buckeye Commons shopping center
Gantry’s Tim Storey, Principal, Chad Metzger, Senior Associate, and Casey Kupferberg, Associate, with the firm’s Phoenix production office represented the borrower, a private real estate investor. The nine-year, fixed rate loan was secured through one of Gantry’s life company correspondents and offers full-term interest only with prepayment flexibility following year five.
According to Gantry’s Tim Storey, “The past year saw a sharp decrease in acquisition activity due to rate volatility and resulting price discovery conversations. That is changing in 2024 as participants come to terms. At conservative leverage and with a credit tenant lease in place, our life company correspondents can offer what we have found to be the best programs for acquisitions in the current market cycle. This also holds true for refinancing maturing loans on similar assets. The Metro Phoenix industrial market continues to demonstrate strong fundamentals and that is essential for lender confidence. For an experienced sponsor acquiring a quality asset like Elwood Rising in a region with the right fundamentals like the West Valley, we can secure permanent debt blending the best available rate with prepayment flexibility for loans of more than five years.”
