Gantry, a leading commercial real estate finance firm, has successfully secured a $91 million construction loan for the development of Gillespie Field iPark. The 386,336-square-foot spec industrial building will be located at 1756 Weld Blvd. in El Cajon and 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 and Directors Drit Shoemaker and Austin Ridge. The financing was provided by 3650 REIT with terms that included two extension options and non-recourse covenants.
According to Hillakas: “This financing required both tenacity and creativity as we worked closely with the Chestnut team amidst constantly changing market conditions for an entire year to secure maximum proceeds and favorable terms for this project. Ultimately, our partnership with 3650 REIT proved instrumental in navigating through various challenges to secure this financing.”
This successful transaction showcases Gantry’s expertise in securing complex commercial real estate financings while also highlighting their commitment towards providing exceptional service to their clients.
