Gantry Secures $11.5M for Long Island Facility Recapitalization

Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $11.5 million permanent loan to retire maturing debt for a Public Storage managed facility located at 4055 Austin Boulevard in the township of Island Park, a strategically located village on Long Island’s South Shore. The 740-unit, three-story, climate-controlled facility is stabilized and performing at the top of its class in its region. Its location is strategically positioned at the main east–west connection between the cities of Long Beach and Oceanside on Long Island and the adjacent Nassau County mainland, capturing consistent local traffic as well as seasonal beach demand.

Gantry’s Robert Slatt, Principal, and Alex Poulos, Associate, with the firm’s San Francisco production office represented the borrower, a private real estate investor. The five-year, fixed rate, non-recourse loan was provided by one of Gantry’s correspondent insurance company lenders.

According to Gantry’s Robert Slatt, “The Island Park facility is a high quality, stabilized asset leveraging its strategic location and climate-controlled units to lead its competitive set. Gantry’s exclusive network of insurance company lenders remain steadfastly committed to their self storage financing programs and target high performance assets like this with their best terms. Our ability to source and close the desired permanent refinance with a correspondent in 45-days from application to funding is a testament to that commitment. In today’s competitive debt market where options must be considered, they are often the most attractive source offering non-recourse financing for the asset class.”