Gantry, a commercial mortgage banking firm headquartered in San Francisco, has secured a $17 million fixed rate term loan for the first phase of Silverado Commerce Center, which consists of two light industry buildings totaling 141,000 square feet located in Southwest Las Vegas. The new loan paid off the developer’s construction loan which had a rate about 3% higher than the new term loan.
The 10-year new loan was provided by one of Gantry’s correspondent life company lenders with terms including an attractive fixed rate locked in advance as a hedge against rate volatility and 30-year amortization.
At full build out, Silverado Commerce Center consists of almost 70 acres and will offer almost 1,100,000 square feet of industrial warehouse space.
