SALT LAKE CITY — Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $13.5 million permanent loan for the acquisition of a modern, class A industrial building located 485 N. Jimmy Doolittle Road in Salt Lake City. The 148,263-square-foot, institutional-quality facility sits on a 9.42-acre site near the Salt Lake City airport, with ready access to I-80, I-215, and I-15 also supporting the location’s superior logistical efficiencies. The building is 100% leased to two tenants and features 32’ clear heights, four drive-in bays, 29 exterior dock doors, 198 parking spaces and ample trailer storage space.
Gantry’s Mike Wood, Principal, Ben Johnson, Director, and Tim Brown, Senior Associate, with the firm’s Seattle production office represented the borrower, a private real estate investor. The six-year, fixed rate loan was provided by one of Gantry’s top insurance company correspondent lenders and features full term interest only with prepayment flexibility.
According to Gantry’s Mike Wood, “Gantry’s roster of correspondent insurance company lenders continues to prioritize loan allocations to quality industrial assets. Their competitive underwriting and flexibility are highlighted in this acquisition loan for an experienced sponsor. This loan features full term interest only to maximize cash flows for the newly acquired asset planned for a legacy hold, with prepayment flexibility on a six-year term that ensures maturity best aligns with timing of future leasing rollovers.”
About Gantry
At Gantry, independent thinking is in our genes. As a privately held firm, we take an intentional approach to everything we do. So, as our industry consolidates and becomes less personal, we push ourselves to ignore convention, to set a high standard and to always prioritize people ahead of profits. With over 30 years of experience of loan production and managing a $23 billion national servicing portfolio, our firm leverages a well-established correspondent-driven platform to construct the best financing solutions for our clients. For those seeking a partner that delivers more, we’re a little different. The right kind of different. To find out how and why, click here: www.gantryinc.com