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Gantry Secures Permanent Loans for Apartments in Milpitas, Fremont
Gantr secured a total of $18.3 million in two permanent loans for the Spinnaker Pointe Apartments in Milpitas and Crossroads Village Apartments in Fremont. The two fully stabilized properties total 540 units.
The borrower, a private real estate investor, requested flexibility in the form of no prepayment fees after the first 12 months from loan closing with rates in the mid-5% range, non-recourse terms and a turnkey loan closing. Gantry principal Tom Dao and senior associate Erinn Cooke obtained the loans from one of Gantry’s correspondent life company lenders, and feature 30-year amortization.
Dao said, “It was a pleasure working on this assignment when the borrower’s objectives and the lender’s objectives were aligned. The lender wanted conservative underwriting, which the borrower was willing to agree to, and the borrower wanted ultimate flexibility, which the lender was willing to comply due to the limited underwriting risks.”
- ◦Financing


