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Gantry Secures Loan to Cross-Collateralize Industrial Assets
Gantry secured a $19-million permanent loan to cross-collateralize and refinance the acquisition costs of three single-tenant industrial properties totaling 155,000 square feet. Two are located in California’s San Fernando Valley and a third is in Grand Prairie, TX, a Dallas/Fort Worth suburb.
Principal George Mitsanas, senior director Bahman Mirhashemi and associate Keegan Bridges with Gantry’s Los Angeles production office represented the borrower, a private real estate firm. The five-year , fixed-rate loan was placed with one of Gantry’s correspondent insurance lenders. Gantry will service the loan.
Mirhashemi said of this transaction, “An experienced industrial property sponsor had acquired three assets in the past two years, including two that were acquired completely vacant… We were able to cross-collateralize the three assets into one permanent loan at an attractive rate for a legacy hold. The sponsor was also able to repatriate approximately $3 million of equity to redeploy towards future investments or investor returns.”
- ◦Financing
