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Permanent Loan Retires Construction Loan on Antioch Self-Storage
Gantry secured a $10.75-million permanent loan to retire construction financing for a new self-storage facility that is being managed by CubeSmart at 1790 Vineyard Dr. in the East Bay city of Antioch. The Class A facility, newly constructed in 2020, encompasses 130,000 square feet of climate controlled and drive-up units.
Principal Tom Dao of Gantry secured the loan on behalf of the borrower, a private real estate entity. The five-year loan met many of the borrower’s requested features, including interest-only payments followed by 30-year amortization schedule, flexible pre-payment structure, and priced at an attractive fixed rate.
Dao said, “Self-storage remains one of the preferred asset classes for a wide range of our lenders. After Gantry reviewed this financing assignment across our full roster of correspondents and affiliated lenders, we identified a suitable lender to underwrite at a superior rate and for proceed level that met our borrower’s requirement.”
- ◦Financing
