$14.3MM in Financing Secured for 64-Unit Multifamily Project in Monterey

Gantry, Monterey, San Francisco

Monterey, Calif. (Dec. 12, 2022) – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $14.3 million of construction financing for the adaptive reuse of a suburban office property as workforce, multifamily housing. The project is located at 2300 Garden Rd. in the city of Monterey, Calif., and will be redeveloped to provide 64 one- and two-bedroom market rate units on a 7.23-acre site.

A Gantry team of Robert Slatt, Principal, Jeff Wilcox, Principal, and Andrew Ferguson, Associate, with the firm’s San Francisco office represented the borrower, an experienced local developer. The three-year construction loan was secured through one of Gantry’s correspondent life company lenders at an attractive rate in the current market cycle, and allows for transitioning the loan to an extended, permanent term at the same rate upon completion of construction.

According to Gantry’s Robert Slatt, “Our client is an experienced developer in the Monterey community who has identified an underserved demographic of renters. Construction financing for new multifamily development is readily available from our correspondent lenders when a sponsor can demonstrate a project’s relevant market fundamentals, budget accordingly, and offer a demonstrated track record of past project completions. The loan is structured as a traditional three-year construction loan with the option of extending its term to permanent status upon maturity or refinancing into a new loan if rates have improved by that time. This flexibility allows our client to move forward in confidence that the project, as underwritten, will deliver into predictable financial circumstances for a legacy hold if desired upon completion.”

About Gantry
Gantry, a privately held company headquartered in San Francisco, is a full-service mortgage banking firm with an extensive lineup of correspondent lenders utilizing Gantry’s production, closing, and servicing capabilities. Established in 1991, Gantry is currently staffed by nearly 100 professionals in regional offices throughout the western United States and in New York with over 45 production teams that originated nearly $5 Billion in the last 12 months. The company’s national servicing platform of over $18 billion represents more than 2,100 loans located in 43 states. Gantry is rated as a Primary Servicer by Standard & Poor’s and is one of a select few non-banking/non-insurance-chartered companies with this designation.

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