Gantry Recapitalizes Three Storelocal Facilities In Tennessee
Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $17.25 million loan recapitalizing a trio of Storelocal self-storage properties located in various greater Nashville MSA suburbs. The properties were cross collateralized under a single loan structure, resulting in a new, stabilized debt facility for the trio of assets that include the following facilities:
- Storelocal – Franklin
- Storelocal – Gallatin
- Storelocal – Spring Hill
Gantry’s Principal Andy Bratt, Principal Amit Tyagi, and Associate Nick Severson, with the firm’s Irvine and Los Angeles (El Segundo) production offices, represented the borrower, a private real estate investor. The four-year, fixed-rate loan was provided by an insurance lender from Gantry’s extensive roster of correspondents and affiliates, featuring interest only for the entirety of the loan term.
According to Gantry’s Andy Bratt, “Our team identified and secured a strategic recapitalization resulting in a new, cross collateralized, blended-best-rate loan. This approach aligned strong performance at two assets with near term maturities along with modification of an existing loan on a third property. We were also able to optimize cash flows across the trio of assets, with the inclusion of interest only terms, to drive home the best execution.”
Gantry’s Amit Tyagi added, “Gantry has an expertise in self-storage finance and provides strategic guidance for a range of permanent and bridge debt options on properties in various phases of the asset’s lifecycle. Our strong relationships with an industry-leading roster of insurance company lenders bolsters our approach to underwriting self-storage debt, often allowing us to tailor loans to asset or borrower specific challenges or requirements. Many of Gantry’s experienced self-storage clients benefit from a portfolio-focused approach that can achieve a superior blended cost of capital across multiple assets while also being mindful of maturity schedules, construction deliveries and other key portfolio milestones.”
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