Market-Rate Santa Ana MF Secures $128M Construction Loan

Gantry secured $128 million of construction-to-permanent financing in three tranches, from three separate lenders, for the development of the Legado at the Met multifamily project. The 268-unit, market-rate, Class A development will rise at 200 E. First American Way in Santa Ana near the 55/405 freeway interchange, across from First American Title’s headquarters.

Principals George Mitsanas and Amit Tyagi with Gantry’s El Segundo production office secured the financing on behalf of the borrower, Legado Companies. Gantry’s production team underwrote the complex financing in three tranches with three of the firm’s correspondent life company lenders to maximize LTC proceeds. Gantry will service all three loans during construction and after conversion to permanent loans.

Mitsanas said, “Projects like Legado at the Met are complicated and require a creative approach to finding the right mix of capital sources to fund them accurately to fruition. So we could maximize construction and permanent capital proceeds meeting a realistic budget for this Class A build, our team worked with three of our longstanding insurance company correspondents to underwrite concurrent loans totaling $128 million. These loans were optimized to our client’s capital requirements in what has remained a volatile commercial finance market.”