**Gantry Arranges $103M BlackRock Bridge Loan for Gillespie Field iPark in El Cajon**
Gantry has secured a $103 million bridge loan to retire the construction financing for Gillespie Field iPark, a newly developed Class A industrial project in El Cajon totaling 386,000 square feet. The financing follows the successful completion of the development phase and supports the property through its lease-up period.
The loan was arranged on behalf of the borrower, Chesnut Properties, by a Gantry team consisting of Director Drit Shoemaker, Senior Director Peter Hillakas, and Principal George Mitsanas.
Provided by BlackRock Managed Funds and Accounts, the bridge loan includes two 12-month extension options and reserves to support ongoing development, including tenant improvements, leasing commissions, and phase one of a planned 4-megawatt solar power installation.
“After securing the original construction loan, our client asked that Gantry source takeout financing and ongoing lease-up capital for the completed development,” said Shoemaker. “While nearly 50% leased to a global aerospace parts manufacturer, Gillespie Field iPark was not ready for permanent financing, so our team went to work on identifying the best-in-market bridge solution that could support the property through to full stabilization.”
Hillakas added, “Once we cleared the market nationally, BlackRock’s loan offering rose to the top for their competitive rate, terms, and structure.”
