Dealmaker: Gantry Closes $61M for Multifamily and Industrial Assets

(Lunaire Apartments, Goodyear, Ariz.)

Gantry, San Francisco, recently secured $41.6 million to refinance a multifamily building in Goodyear, Ariz., and $19.4 million to refinance a maturing CMBS loan on a Richmond, Calif. industrial park.

The Lunaire Apartments in Goodyear–a suburb of Phoenix–is a 240-unit building, Gantry said.

Gantry Principal Adam Parker and Senior Associate Chad Metzger with the firm’s Phoenix production office secured the loan for a private real estate investment company. They placed the five-year fixed-rate loan with Freddie Mac, McLean, Va. The loan included an upfront interest-only period and a sub-5% rate.

“The owner of Lunaire Apartments, 29th Street Capital, had a floating-rate loan in place, and they were motivated to refinance into a fixed-rate loan to avoid the significant ongoing interest rate CAP escrow which was impacting their available cash flow,” Parker said.

In Richmond, Central Avenue Center is a five-story industrial park that hosts a base of small businesses in the Bay Area.

Gantry Director Tony Kaufmann and Associate Alex Poulos with the firm’s San Francisco production office secured the financing for a private real estate investor. The 10-year loan was provided by one of Gantry’s correspondent life company lenders.

“Industrial as an asset class remains a favored product type for Gantry’s exclusive roster of life company lenders,” Kaufmann noted.