California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Gantry Wraps Up Refi Loan on Tustin Self-Storage
Gantry secured a $14-million permanent loan to refinance the AAA Quality Self Storage facility located in the Central Orange County city of Tustin. The stabilized facility offers 827 units including RV storage in a mature, high-barrier-to-entry suburban market with proximity to new housing growth and regional freeways.
Principals Braden Turnbull and Peter Welsh and associate Austin Ridge with Gantry’s El Segundo and Irvine production offices represented the borrower, a private real estate investor. The 10-year, fixed-rate CMBS loan was placed with one of Gantry’s preferred conduit lenders. It features interest-only terms and prepayment flexibility after an introductory lock-up period.
Turnbull said, “Our client’s desire to maximize proceeds from the property’s strong cash flows and superior location in a high-barrier-to-entry market with strong long-term fundamentals identified a top-tier conduit lender offering the best surveyed rate with interest-only terms to support our client’s legacy hold business plan.”
- ◦Financing
