Gantry Secures Loans For Refinancing of California Facilities

Posted by Modern Storage Media on Dec 22, 2023 9:29:38 AM

Gantry has secured a total of $17.6 million in permanent loans for the refinancing of two facilities in the Bay Area of California: $9.5 million for SAF Keep San Ramon and $8.1 million for SAF Keep Hayward. The two properties have a combined total of 244,605 rentable square feet of space. Gantry’s Principal Tom Dao and associate Erinn Cooke secured the financing on behalf of the borrower, a private real estate entity. The 10-year loans were sourced from one of Gantry’s correspondent life company lenders and feature an attractive fixed rate locked at application with 30-year amortization.

“We locked in the rates when the U.S. Treasury indices were in the in the low- to mid-3 percent range and closed six months later, when the indices had increased by nearly 1 percent,” Dao said. “Once the rates were locked, rate risk was off the table, and we focused on loan closing.”