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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.”
- ◦Financing


