Diverse Portfolio of Privately Held Properties Includes Multifamily, Self Storage, Retail and Land Lease Assets; Gantry’s Mitsanas Secures Optimal Terms and Rates from Four Correspondent Life Company Lenders to Tailor Best Option for Each Property and Borrower’s Overall Investment Goals
LOS ANGELES, CA – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $223 million in permanent financing for a seven-property California portfolio. The portfolio is comprised of three multifamily properties totaling 1,140 units, one single-tenant retail property, one self-storage property comprised of 792 storage units and 129 RV vehicle storage spaces, and two unique ground lease financing transactions for land holdings located in northern and southern California.
Gantry’s George Mitsanas with the firm’s Los Angeles production office identified and structured the loans on behalf of the borrower, a private investor. The loans were placed through four of Gantry’s correspondent life insurance companies at very competitive interest rates with long term maturities. Gantry will be the loan servicer for each of the seven loans.
According to Gantry Principal, George Mitsanas, “The current climate for long-term debt on legacy hold assets remains extremely attractive for most commercial real estate asset types. As both an advisor to the borrower and servicer to the lender, we pride ourselves in working to identify the best financing structures for all parties involved. In this instance, we were able to place the loans for each unique asset type with the appropriate lender for that product, optimizing value to the borrower on valuation, rates, terms, and subsequent cash flows from operation. Conversely, we were able to provide each of our correspondent lenders with vetted sponsorship meeting their preferred underwriting and asset profile for their target allocations. With rates for long-term debt holding at what remain generational lows compared with past cycles, we anticipate 2022 being a strong year for recapitalization transactions as commercial real estate investors continue to review portfolio holdings for relevant maturities.”
Representative assets in the portfolio Include:
Park Regency Apartments: 892-unit luxury apartment complex located in Walnut Creek, CA.
Concord Square Apartments: 167-unit apartment building located in Reseda, CA.
NMS Warner Center (Purchase Money): 81-unit apartment building located in downtown Warner Center.
Sand Canyon Self Storage: Self-storage facility in Santa Clarita, CA totaling 792 storage units & 129 RV vehicle storage spaces.
Gelson’s Laguna Beach: Retail property 100% leased to Gelson’s in Laguna Beach, CA located directly across the street from the Montage Laguna Beach five-star resort.
Lowe’s Ground Lease: Ground lease financing for 14.9 acres of land in Rancho Cucamonga; the 135,000 SF building on the property is 100% leased to Lowe’s.
Century City Cooling Plant: The collateral is the fee interest of an L-shaped, 1.64-acre parcel of land located within the master-planned area of Century City in Los Angeles.
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 90 professionals in regional offices throughout the western United States and in New York. The company’s national servicing platform valued at over $17 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.