Gantry has successfully secured a $91 million construction loan for the development of a 386,336-square-foot speculative industrial building in El Cajon. The project, known as Gillespie Field iPark and located at 1756 Weld Blvd., is expected to be completed by the second quarter of 2025.
The borrower, Chestnut Properties, was represented by Principal George Mitsanas along with Senior Director Peter Hillakas, Director Drit Shoemaker and Associate Austin Ridge. The financing was provided by 3650 REIT with terms including two extension options and non-recourse covenants.
According to Hillakas: “This financing required both tenacity and creativity. Our team worked closely with Chestnut Properties for a full year amidst changing market conditions to secure optimal terms for the project. Ultimately, our partnership with 3650 REIT proved successful as they were able to adapt to every shift in the market.”
This news was originally published on Connect CRE’s website.
