Gantry Secures $20M Loan for Midwest Amazon Distribution Center
Gantry has finalized a $20 million loan to refinance a renovated warehouse facility located at 2500 Heinz Road in Iowa City, Iowa.
The 346,062-square-foot distribution center is fully leased to Amazon, which utilizes the property as a regional delivery station. Sitting on a nearly 40-acre industrial-zoned site, the facility includes ample parking, trailer storage, and expansion potential.
The financing was arranged by Tony Kaufmann, Principal, and Joe Foley, Associate, of Gantry’s San Francisco production office. Representing a private real estate investor, the duo secured the 10-year, fixed-rate, non-recourse loan through a credit union. The loan includes favorable terms, such as partial interest-only payments and no prepayment penalties.
“Industrial property remains one of the top asset classes for loan allocations from a wide range of debt sources, including life companies, CMBS, banks, and credit unions,” said Kaufmann. “This particular underwriting reflected the recently renewed lease with Amazon as the credit tenant and their significant investment in the facility.”
