Gantryhas secured an $8 million permanent loan to refinance existing debt on a South Loop self-storage facility converted from a former parking structure. Located at 605 S. Wabash Avenue, the 95,000-square-foot facility encompasses 1,184 units across five-stories. The property is now under new onsite management, operating as an Extra Space Storage, and making rapid progress towards stabilization in a programmatic fashion.
Gantry’s Andy Bratt, principal, and Sean Kuang, associate, secured the loan on behalf of the borrower, a private real estate investor. The five-year, fixed-rate permanent loan was secured from an insurance company with terms including an initial interest-only period, no recourse, and a stepdown prepayment penalty.
“Over the past decade, the self-storage industry has attracted sophisticated capital and evolved into an institutional asset class,” said Bratt. Gantry, a privately held company headquartered in San Francisco, is a full-service mortgage banking firm that was established in 1991.