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11/25/25
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Chesnut Properties has obtained a $103 mil loan to retire construction financing for Gillespie Field iPark, a 386k sf, Class A industrial development located in El Cajon, an eastern suburb of San Diego.
The state-of-the-art, divisible building includes 30-32’ clear heights, ESFR sprinklers with K-25 heads, 64 loading docks, four grade-level doors and excess land providing 115 additional truck trailer stalls, a rarity in the local submarket. The building is equipped with 16,000 amps of 480-volt power, making it ideal for heavy manufacturing and other high-demand power users. It is also working toward true Net Zero energy through a planned 4 MW utility-scale rooftop solar array and will include charging stations for EV semi-trucks.
Drit Shoemaker, Peter Hillakas and George Mitsanas with Gantry arranged the bridge loan, which includes two 12-month extension options as well as reserves for phase I of the solar array, tenant improvements, and leasing commissions. The loan was provided by BlackRock Managed Funds and Accounts.
According to Hillakas, the new loan will not only retire the existing construction note but also fund construction of the first of three phases of a 4MW solar array along with future TIs and LCs.
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