Gantry Secures $19M of Financing for 152-Unit Texas Multifamily Acquisition

Gantry, a San Francisco-based commercial mortgage banking firm, has secured $19.09 million of bridge financing for the acquisition of the Ashton Apartment Homes located at 681 N. Saginaw Blvd in the Dallas-Fort Worth Metroplex community of Saginaw, TX.

Originally built in 1984, the 152-unit complex with 14 two-story buildings on 7.6 acres recently underwent a renovation of common area amenities prior to the acquisition. Plans for interior upgrades follow the completed acquisition, with loan proceeds earmarked for energy efficient and environmentally friendly unit renovations across the complex.

Andy Bratt, principal with Gantry’s Irvine CA production office, secured the loan on behalf of the borrower, a private investor. The lender, a New York based alternative investment management company provided a two-year bridge loan which includes three one-year extension options. Funding met sponsorship goals of pairing a timely 1031 exchange with a future funding component to provide the additional capital necessary to complete the value-add repositioning of the acquired property.