Industrial & Manufacturing

Bulk distribution, shallow-bay and last-mile, industrial outdoor storage, cold storage and owner-occupied manufacturing.

Industrial is not one asset class and it does not finance like one. Bulk distribution, shallow-bay last-mile, industrial outdoor storage, cold storage and owner-occupied manufacturing draw from different lender pools at materially different terms. Sizing a manufacturing facility against distribution comparables is the most common and most expensive mistake in the sector.

Where the capital comes from

Life companies, where industrial draws some of the tightest spreads available; banks for construction and spec; debt funds for spec and lease-up risk; C-PACE for envelope and energy scope; and SBA 504 or conventional structures for owner-users.

What we underwrite

• Clear height, column spacing and functional configuration
• Power capacity and the cost of service upgrades, increasingly the binding constraint on industrial sites rather than land
• Truck court depth, trailer parking and site circulation
• Single-tenant credit and lease structure
• Functional obsolescence risk on specialized manufacturing improvements
• Environmental, where Phase I and Phase II findings are frequently decisive on manufacturing sites rather than procedural

On owner-occupied manufacturing

This is a different transaction from investor-owned industrial. The credit is the operating company, not the lease. That changes the lender set, the diligence and the guarantee conversation entirely, and it is worth structuring deliberately rather than defaulting to the real estate execution.

This material is for general educational purposes only and does not constitute legal, tax, or financial advice. Terms, programs and requirements change and apply differently to specific transactions; confirm current requirements with qualified counsel and licensed professionals. Gibson Capital Advisors is a debt advisory firm and does not make loans.