Three Building Multi-Tenant Industrial Park Retires Existing Debt to Secure Lower Interest Rate and 20-Year Term Amortized Over 30 Years; Industrial Assets Targeted for Generationally Favorable Rates and Terms from Host of Lenders Seeking Quality Assets for Ready Allocations
Santa Rosa, Calif. (June 16, 2021) – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $21 million of new financing for the Industry West Commerce Center in Santa Rosa, Calif. (256 & 258 Sutton Place and 237 Todd Road) The three-building property encompasses 193,400 square feet of industrial space and is 100 percent occupied in a multi-tenant format. The new loan retired existing debt one year early to capitalize on the low interest rate environment and favorable terms offered in the current market cycle to qualified borrowers.
Gantry’s Jeff Wilcox, Principal, and Erinn Cooke, Senior Associate, with the firm’s San Francisco office secured the new financing via one of Gantry’s correspondent life company lenders. The 20-year term offers 30-year amortization and features a fixed interest rate among other favorable terms.
According to Gantry’s Jeff Wilcox, “Industrial assets of all types have remained a desired allocation target for our many correspondent lenders, allowing us the luxury of reviewing client demands against a range of competitive sources and structures to secure the best terms and rate for their specific operative goals. In this instance, our borrower client was able to retire an existing CMBS structure early, lock-in a timely low interest rate over a 20-year term and recover their original equity spent developing the project in 2008. For our correspondent lender, the quality sponsorship punctuated by the asset’s 100 percent occupancy underwrote to a prime rate. That is a win-win for both our client and our correspondent, and that is the Gantry way.”
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 nearly $17 billion represents more than 2,000 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.