Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $33.1 million permanent loan for the acquisition of the 303 Logistics Phase II building located at 6701 N. Logistics Way in Litchfield Park, a West Valley suburb of Metro Phoenix. The 377,000-square-foot, class A facility on 26-acres was completed in 2023 as the second phase for a four-building master planned development of large footprint warehouse facilities. The building is divisible for single or multi-tenant occupancy and offers state-of-the-art infrastructure including 36-foot clear heights, 190-foot concrete truck courts, 44 dock-high doors, 2 grade level doors, 55 trailer parking spaces, 148 auto parking spaces, full warehouse HVAC and ESFR systems, spec office suite, and direct Loop 303 frontage with ready access to Interstate 10.
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Gantry’s Tim Storey, Principal, Chad Metzger, Senior Associate, and Andrew Christopherson, Associate, with the firm’s Phoenix production office represented the borrower, a private real estate investor. The seven-year, fixed rate, non-recourse loan was secured from one of Gantry’s correspondent insurance company lenders and includes full term interest only.
According to Gantry’s Tim Storey, “Modern large footprint, new construction warehouse assets like the 303 Logistics Phase II building appeal to investors for their continued relevance to modern logistics users, and to lenders for their strong fundamentals and consistent performance. With leasing stabilized from a long-term single tenant agreement in place, our Gantry team was able to review this loan request with numerous lenders on our roster of insurance company correspondents. We ultimately identified and secured a fixed rate loan at maximum proceeds and full-term interest only, optimized to the client’s desired debt to equity threshold for a legacy hold investment plan.”
