San Francisco, CA, June 29, 2020 – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $9,500,000 in permanent financing for a 654-unit self-storage facility in Oakley, CA that had just reached stabilization in February 2020. At the time of loan closing in late April, the property was 82% occupied.
Tom Dao, Senior Director in Gantry’s San Francisco office, worked with the borrower on an exclusive basis, in arranging the fixed-rate financing with a correspondent life insurance company. The financing provided an earn out feature, which allowed the borrower to receive additional funding upon meeting a certain agreed upon income threshold. According to Dao, “This loan was a great fit for the lender who was looking for a strong operator with excellent management capabilities.”
“In this highly uncertain business environment, it is comforting to team up with Tom and Gantry who have, on a repeated basis, demonstrated solid deal execution,” said Art Lorenzini and Ryan Lorenzini, Principals of Oakley Self Storage, LP.
Since March 2020, Gantry has now closed 119 loans, totaling more than $762 million in loan volume. Category highlights for this most recent reporting period of 31 loans includes 10 multifamily financing deals totaling $70.5 million, five office loans totaling $51.8 million, eight retail financings totaling $29.7 million, five industrial loans totaling $29.1 million and two self-storage deals totaling nearly $12.2 million.
Gantry, an independently held company based in San Francisco, is a full-service commercial mortgage banking firm. Established in 1991 as Newmark Realty Capital, Gantry is staffed by 90 employees in its regional offices. Gantry is the correspondent/servicer on behalf of a roster of the leading life insurance, CMBS and Agency lenders in the nation, placing more than $4 billion per year in loans. 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.