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4/09/24
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GANTRY - Tony Kaufmann and Joe Foley with Gantry have arranged non-cross collateralized permanent loans totaling $30 mil for one sponsor to refinance two adjacent, Tempe, AZ industrial properties encompassing 298.3k sf of space. The properties include a 203.2k sf industrial property located at 1805 W Drake Dr/7160 S Harl Ave and a 95.1k sf property located at 1819/1825/1829/1839/1849 W Drake Drive, both located within the city of Tempe, a suburb of Metro Phoenix. The permanent loans of $19.75 mil and $10.25 mil feature eight-year terms with partial interest-only and prepayment flexibility. The cash-out refinance closed in just over 60 days. According to Kaufmann, the strong fundamentals of the Metro Phoenix industrial market, stable occupancy supported by in-place rents meeting debt service thresholds, even at below market rates, and experienced sponsorship focused on a legacy hold allowed them to shop the requirement across their full roster of insurance correspondents, ultimately landing on one source for the loans that maximized cash-out proceeds at attractive rates with pre-payment flexibility built in after the end of the interest only period.
MARCUS & MILLICHAP CAPITAL CORPORATION – Ron Balys with Marcus & Millichap Capital Corporation arranged an $11.2 mil refi loan on a JoAnn Fabrics and Crafts store located at 1000 S. Central Ave in Glendale, CA. The 10-year loan features a 5.97% interest rate with 30 years amortization and a 50% loan-to-value. It was funded through a local credit union. According to Balys, JoAnn’s filed for bankruptcy the day before funding and the lender held their commitment to fund the loan.
10520 Wohler Rd, Healdsburg |
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GANTRY - Jeff Wilcox and Andrew Ferguson with Gantry arranged a $7.15 mil construction-to-permanent loan for the build-to-suit development of dedicated facilities serving Auteur Wines, a California vintner-founded winery specializing in Pinot Noir and Chardonnay. The project will result in a production winery, tasting room and vineyard on 8.2-acres of land at 10520 Wohler Rd in Healdsburg, CA. The new facilities will maintain Auteur’s control over its inputs and provide a home for an experiential immersion in its wine offerings and production culture. The 20-year fixed-rate loan features an initial interest-only period transitioning to an 18-year amortization.
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