Class A Apartments, New Self-Storage Land Permanent Loans

Gantry’s Irvine office secured $28.7 million of financing in two transactions for separately owned properties, one a multifamily asset in California and the second a self-storage property in Arizona. Each loan provided a financing solution for properties at different points in their lifecycle, and both permanent loans featured fixed rate financing with creative structures.

Principal Andy Bratt and associate Sean Kuang secured the following loans on behalf of their clients:

• StorEz Self Storage/$18.3 million – The recently completed, new construction facility is located at 3030 N. 73rd St. in Scottsdale, AZ and offers 797 units. The five-year permanent loan was underwritten on the asset’s five-year proforma as it moves through stabilization. The financing was sourced from one of Gantry’s insurance  companies and features a fixed rate with an initial interest only period followed by 25-year amortization.

• Golden Valley Luxury Apartments/$10.4 Million – The transaction represents the acquisition of 80-units within a 332-unit luxury multifamily community, controlled by an HOA, located at 600 Hosking Avenue in Bakersfield. The 30-year permanent loan from a balance sheet life company features a fixed rate and 30-year amortization.

Bratt said, “Both transactions required creativity, and in both instances, we were able to meet sponsor investment goals with meaningful financing solutions at attractive rates and terms.”