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Industrial Duo in Santa Clara County Scores $11M Refi
Commercial mortgage banking firm Gantry secured an $11-million permanent loan to refinance two industrial properties located in Santa Clara and San Jose. The properties, a single-tenant industrial building at 1941 Ringwood Ave. in San Jose and a flex-industrial building at 3175 De La Cruz Blvd. in Santa Clara, total 78,250 square feet.
Director Murphy Osborne and associate Alex Poulos with Gantry’s San Francisco production office represented the borrower, a private real estate investor. The 10-year, fixed rate, cross-collateralized loan was secured from one of Gantry’s correspondent life company lenders. Terms included prepayment flexibility and 25-year amortization.
Osborne said, “Performing industrial property in the greater Bay Area region remains a targeted asset class for our insurance company lenders. In this instance, cross collateralizing a highly stable single tenant asset with a multi-tenant property allowed us to achieve an optimized blended rate on behalf of our client from one of our top correspondents.”
- ◦Financing