Gantry Secures $12M Loan For Facility In Late-Stage Lease-Up

Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $12 million, non-recourse, interest-only loan to refinance the Storelocal Brentwood facility at 681 Old Hickory Boulevard in Brentwood, Tenn., an affluent suburb located just south of Nashville known for its upscale residential neighborhoods, excellent public schools, and high quality of life. The four-story, 87,100-square-foot facility sits on 2.8-acres and offers 755 climate-controlled units. Completed in 2020, the modern Class-A property has further upside to capture through additional rent growth and market absorption.

Gantry’s Principal Andy Bratt and Sean Kuang, associate, with the firm’s Irvine production office represented the borrower, a fully integrated commercial real estate investment and management company specializing in self-storage assets. The three-year, fixed rate, non-recourse loan was secured from a debt fund and features full-term interest only, with prepayment open in year three providing flexibility for a future sale or refinance in better market conditions.

“This was a unique transaction involving a stunning, newly constructed facility located on a major thoroughfare,” says Bratt. “Like many assets in today’s market, it faced delays in reaching full economic stabilization. However, both the property and the broader market are well-positioned for continued growth, benefiting from improving supply and demand dynamics. Working closely with the sponsor, Gantry structured a financing solution to retire the existing loan and recapitalize the property with interest-only payments to support near-term cash flow. The new loan also provides maximum flexibility, allowing for a sale or refinance in year three with no prepayment penalty. This is a highly desirable asset that, under the sponsor’s experienced management, is poised to outperform the market.”

About Gantry

At Gantry, independent thinking is in our genes. As a privately held firm, we take an intentional approach to everything we do. So, as our industry consolidates and becomes less personal, we push ourselves to ignore convention, to set a high standard and to always prioritize people ahead of profits. With over 30 years of experience of loan production and managing a $23 billion national servicing portfolio, our firm leverages a well-established correspondent-driven platform to construct the best financing solutions for our clients. For those seeking a partner that delivers more, we’re a little different. The right kind of different. To find out how and why, click here: www.gantryinc.com.