A $91 million construction loan has been secured by Gantry for Gillespie Field iPark, a 386,336 sq ft spec industrial building located at 1756 Weld Boulevard in El Cajon. The project, developed by Chestnut Properties, aims to be completed by Q2 2025 and boasts state-of-the-art features such as rooftop solar, EV semi-truck charging stations, and net-zero emissions. Currently, the building is 44% pre-leased to a top-tier aerospace manufacturer.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $91,000,000
• Date: 01/09/2024
• Market: El Cajon
• Lender: Justin Kennedy - 3650 REIT
• Landlord: Lee Chesnut - Chestnut Properties
• Brokers: Austin Ridge, Drit Shoemaker, George Mitsanas & Peter Hillakas - Gantry
• Loan Type: Construction Loan
• Loan Terms: Two extension options and non-recourse

Gantry played a pivotal role in securing the $91 million construction loan for Gillespie Field iPark. The loan was provided by Justin Kennedy of 3650 REIT. Representing Chestnut Properties, Lee Chesnut serves as the landlord for this development site. The team of brokers from Gantry, including Austin Ridge, Drit Shoemaker, George Mitsanas, and Peter Hillakas, facilitated the loan transaction.