Gantry secured a $103-million loan to retire construction financing for Gillespie Field iPark, a 386,000-square-foot class A industrial development located in El Cajon. Director Drit Shoemaker, senior director Peter Hillakas and principal George Mitsanas represented the borrower, Chesnut Properties
The bridge loan was provided by BlackRock Managed Funds and Accounts. It includes two 12-month extension options as well as reserves for phase I of a planned 4-MW solar array, tenant improvements and leasing commissions.
Shoemaker said, “After securing the original construction loan, our client asked that Gantry source takeout financing and ongoing lease-up capital for the completed development. While nearly 50% leased to a global aerospace parts manufacturer, Gillespie Field iPark was not ready for permanent financing, so our team went to work on identifying the best-in-market bridge solution that could support the property through to full stabilization.”
Added Hillakas, “Once we cleared the market nationally, BlackRock’s loan offering rose to the top for their competitive rate, terms and structure.”
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