Gantry Secures $86M Loan for Nine-Property Self Storage Portfolio

Gantry has arranged an $86 million refinancing for a nine-property self-storage portfolio owned by Reliant Real Estate Management across Georgia, Florida and North Carolina.

The financing covers a portfolio of Midgard Self Storage properties totaling approximately 5,975 units and 701,206 net rentable square feet. The assets include a combination of newly constructed, expanded and value-add facilities that are still in the lease-up and stabilization phase.

Gantry's Southern California-based National Self Storage production team, led by principals Andy Bratt and Amit Tyagi, along with associate Sean Kuang, represented the borrower. The variable-rate bridge loan was provided by one of Gantry's life insurance company lending partners and features full-term interest-only payments, a replenished interest reserve and extension options.

“This portfolio of Midgard Self Storage assets continues to chart a course towards full stabilization,” said Andy Bratt, principal at Gantry. “Gantry approached a wide range of lenders and carefully reviewed viable loan programs. Ultimately, a life company bridge loan with the necessary runway to support reaching stabilization targets emerged as the best option.”

According to Gantry, the financing was structured to provide flexibility while the portfolio continues to lease up and achieve stabilized occupancy.

“Gantry’s roster of life company relationships remains a critical resource for our self-storage clients,” said Amit Tyagi, principal at Gantry. “Our experience underwriting the asset class combined with growing allocations from most life companies has once again proven to be a powerful combination leading to another successful financing. While a shift in demand dynamics over the past few years in the self-storage marketplace has put additional pressure on most transactions, having a strong Sponsor and a seasoned capital markets advisor is still the right equation. Bridge loans like this keep properties on track and are an excellent option for owners seeking financing in advance of full stabilization.”

Based in Irvine, Calif., Gantry is the largest independent commercial mortgage banking firm in the United States and provides commercial real estate financing across multiple property sectors, including self-storage.