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California  + San Diego  + Finance  | 

Gantry Arranges $91M for El Cajon Industrial Build 

Gantry has secured a $91 million-construction loan for the development of a 386,336-square-foot spec industrial building. Gillespie Field iPark will be located at 1756 Weld Blvd. in El Cajon and has a target completion of the second quarter of 2025.

Principal George Mitsanas, senior director Peter Hillakas, director Drit Shoemaker and associate Austin Ridge represented the borrower, Chesnut Properties. The construction loan was provided by 3650 REIT. Terms included two extension options and non-recourse covenants.

Hillakas said, “This financing required as much tenacity as it did creativity. We worked with the Chesnut team under frequently changing market conditions for a full year to maximize proceeds and optimize terms for the project. Ultimately, 3650 REIT stepped up and partnered with our team on every facet and market shift to become the definitive source for this financing.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
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