Market-Rate Santa Ana MF Secures $128M Construction Loan
Gantry secured $128 million of construction-to-permanent financing in three tranches, from three separate lenders, for the development of the Legado at the Met multifamily project. The 268-unit, market-rate, Class A development will rise at 200 E. First American Way in Santa Ana near the 55/405 freeway interchange, across from First American Title’s headquarters.
Principals George Mitsanas and Amit Tyagi with Gantry’s El Segundo production office secured the financing on behalf of the borrower, Legado Companies. Gantry’s production team underwrote the complex financing in three tranches with three of the firm’s correspondent life company lenders to maximize LTC proceeds. Gantry will service all three loans during construction and after conversion to permanent loans.
Mitsanas said, “Projects like Legado at the Met are complicated and require a creative approach to finding the right mix of capital sources to fund them accurately to fruition. So we could maximize construction and permanent capital proceeds meeting a realistic budget for this Class A build, our team worked with three of our longstanding insurance company correspondents to underwrite concurrent loans totaling $128 million. These loans were optimized to our client’s capital requirements in what has remained a volatile commercial finance market.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).