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Construction Debt on Brentwood Multifamily Retired via HUD Loan
Gantry secured a $48.9-million permanent loan to retire construction financing for the development of the Silvergate Apartments at 1290 Business Ctr. Dr., Brentwood. Principal Tom Dao and senior associate Erinn Cooke with Gantry’s San Francisco production office represented the borrower, a private real estate investor. The 35-year, fixed-rate, non-recourse loan was secured via a HUD program.
Dao said, “This is a superlative property developed as a legacy hold asset by an experienced and well-capitalized sponsor, making a HUD loan a viable structure to maximize proceeds and secure an optimized rate. After reviewing comparative options early in the process, it became apparent that the HUD program best aligned with the sponsor’s long-term-hold investment plans.
“The fact our team was able to close seamlessly on a government agency loan in the midst of the current government shutdown is a testament to starting any refinance process early and closely monitoring all relevant milestones through to funding.”
- ◦Financing
