Gantry secured a $14-million permanent loan to refinance a cross-collateralized pair of Silicon Valley flex-industrial assets totaling 60,000 square feet. Located at 1250-1252 Borregas Ave. in Sunnyvale and 161 E. Evelyn Ave. in Mountain View, both assets were 100% leased in multi-tenant formats at the time of financing.

Senior director Murphy Osborne and associate Andrew Ferguson with Gantry’s San Francisco production office secured the financing on behalf of the borrower, a private real estate investor. One of Gantry’s correspondent life company lenders provided the 10-year loan which features 25-year amortization and prepayment options throughout the life of the loan.

Osborne said, “Silicon Valley has a deep pool of flex-industrial assets functioning under both industrial and office uses. These readily adaptable properties occupy a unique position in the region’s start up culture and professional services, manufacturing and final mile distribution industries. While flex-office assets can present challenges when underwriting to lender requirements, Gantry’s ability to articulate sponsor experience, underlying land and facility value, historic performance and regional economic fundamentals made all the difference in securing an optimized, legacy-hold, permanent loan for this pair of quality assets.”

How are deals getting financed in today’s uncertain climate? On May 1, Connect Los Angeles 2024 brings together John Manning of MMCC, Gary Bechtel of Red Oak Capital Holdings, Felix Gutnikov of Thorofare and TR Hazelrigg, IV of Avatar Financial Group on the Financing with Debt Panel. Register now to hear from these industry experts.