Nova Storage Secures Fixed Rate for Storage Facility

Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $7.6 million permanent loan to refinance the Nova Storage - Gardena facility at 13129 S. Figueroa Street in Los Angeles. The stabilized storage project offers 51,830 rentable square feet of climate-controlled space within 638 ground floor and elevator serviced units. 

Gantry’s Andy Bratt, Principal, Amit Tyagi, Principal, and Sean Kuang, Associate, with the firm’s Irvine and Los Angeles production offices represented the borrower, a private real estate investor. The seven-year, fixed rate loan was secured via one of Gantry’s correspondent insurance company lenders at an attractive rate featuring 30-year amortization.

According to Gantry’s Andy Bratt, “We create a comprehensive and competitive market survey of debt options for every loan, including numerous options for this assignment on behalf of an experienced, repeat sponsor. Consistently in the current cycle, the best option for permanent loans on well-managed, stabilized assets like this Nova Storage facility comes from one of our highly dependable life insurance company correspondents. They are actively growing their market share, offer predictable closing processes with rate lock at application and certainty of execution, and consistently offer the most attractive rates and terms.”

Gantry’s Amit Tyagi added, “Self storage remains a highly financeable asset class in the current environment, particularly with our insurance company correspondents. While softening fundamentals for the asset class has affected certain markets nationally, Gantry’s expertise in the space allows us to present local market dynamics and facility features that can prove their health and strong relative performance. Well-located assets run by experienced Sponsors in high-barrier-to-entry urban markets, like this Nova Storage facility in Gardena, continue to show excellent performance and position us to deliver excellent debt terms accordingly. A great example of Sponsorship and Gantry each utilizing their competitive advantages in the marketplace resulting in a successful transaction!”

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, visit www.gantryinc.com.