Gantry secured $16.3 million of financing for the acquisition of two buildings located at 950 & 960 W. Behrend Drive in Phoenix adjacent to the 7th Avenue entrance of Loop 101. The properties offer a total of 124,308 square feet of space with a mix of industrial and office uses.
Gantry’s Tim Storey, Adam Parker, Chad Metzger, and Andrew Christopherson, with the firm’s Phoenix office, represented the borrower, a private real estate investor. The five-year, fixed-rate loan was secured from a regional bank and features two years of interest-only payments while the property stabilizes and then transitions to a 30-year amortization.
According to Gantry’s Tim Storey, “This acquisition met a 1031 Exchange requirement for the sponsor. The fixed-rate bank loan provided a flexible structure that provided loan dollars to acquire the asset, and it features an earn-out structure that the sponsor can achieve once the property reaches stabilization. Multi-tenant Flex industrial properties continue to be attractive to both investors and lenders.”
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