Gantry Arranges $43.4MM in Financing for Salinas Apartments

Gantry, Salinas

Transaction Details

  • Loan Amount: $43.4 Million
  • Loan Type: HUD Refinance 
  • Loan Term: 35-years
  • Property Type: Multifamily 

Salinas, CA (December 18, 2020) – Gantry, the largest independent commercial banking firm in the U.S., secured a $43.4 million loan for CreekBridge Village Apartments, a multifamily property in Salinas, CA. The 220-unit apartment asset is located at 1701 Independence Blvd.  

Gantry’s Tom Dao arranged the 35-year, 2.13% HUD (223f) cash-out refinancing through Eastern Mortgage Capital.  

Dao notes, “We secured a HUD loan at the lowest rate since November 2012. That required us to navigate a complex HUD approval process, meet stringent HUD requirements and outperform a highly competitive lending environment – all during a global health pandemic. According to Eastern Mortgage Capital, This Creekbridge HUD loan is the lowest rate since Nov. 20, 2012, and the eighth lowest overall out of the entire 15,400+ loans currently HUD Insured as of 8/31/20, so certainly historic!”   

The community is located near a variety of shopping centers including Creekbridge Village, Shaker Square Center, and East Laurel Square. Additionally, Gabilan Creek Wilderness Sanctuary and a variety of outdoor parks are located near the complex.  

The property offers luxury floorplans with up to four bedrooms ranging from 803 square feet to 1,429 square feet. The units include granite kitchen countertops, wall-to-wall carpeting, full-size washers and dryers, a private patio or balcony, electronic thermostat, and a fireplace. Residents also have assigned parking and controlled access gates. Community amenities include a lighted tennis court, lap pool, spa, picnic areas, 24-hour fitness center, and a recreation center with a banquet room for events and gatherings. 

About Gantry

Gantry is the largest independently held, full-service commercial mortgage banking firm in the United States. Established in 1991 and headquartered in San Francisco, Gantry has expanded across the country and is staffed by 90 employees in regional offices in Los Angeles, Newport Beach, Seattle, Spokane, Portland, Phoenix, Las Vegas, and Buffalo, NY. Gantry is the correspondent/servicer for a roster of the leading life insurance, CMBS and Agency lenders across the nation, placing more than $4 billion in loans per year. Gantry’s national servicing platform exceeds $16 billion, representing over 2,000 loans located in 40 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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