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Gantry Arranges Permanent Loan for Monterey Mixed-Use
Gantry secured a $7.5-million permanent loan for the acquisition and recapitalization of Storage Corner Marina and Marina Business Park located at 218-224 Reindollar Ave in Marina. The property features a mix of self-storage, industrial, and retail uses totaling approximately 116,000 rentable square feet. New sponsorship commenced a comprehensive rehabilitation and active management program after closing on the property, originally built in phases during the 1970s and 1980s.
Director Charlie Kokernak with Gantry’s Portland production office secured the loan on behalf of Storage Corner Group, a Bay Area-based self-storage and light-industrial focused investment firm. The six-year, non-recourse loan was secured via one of Gantry’s correspondent insurance lenders and features an attractive fixed rate with partial term interest-only followed by 30-year amortization.
Kokernak said, “This was a rare opportunity to finance a Monterey self-storage and light-industrial property, as these assets have been closely held for generations and the market rarely transacts.”
- ◦Financing
