Dealmaker: Gantry Secures $65M in Hawaii

Gantry, San Francisco, secured $65 million in permanent financing to recapitalize a mixed-asset portfolio on the island of Oahu.

The two financed properties are Hanua Logistics Center, a recently completed 226,850 square-foot Class A warehouse facility, and the Honolulu Design Center, an 80,000-square-foot retail center that houses a mix of luxury and bespoke furnishings and interior design companies.

Gantry Director Murphy Osborne secured the funding for the private investor borrower. Bank of Hawaii, Honolulu, provided the financing, underwriting one loan secured to two different property types for a fifteen-year term including a significant interest-only period transitioning to 30-year amortization.

“Experienced real estate owners and sponsors often assemble portfolios of diverse assets,” Osborne said. “By cross collateralizing the Honolulu Design Center and the Hanua Logistics Center, we were able to complete a large repositioning of capital allocation for sponsorship, including retiring construction debt from the completion of the logistics center.”

Osborne noted Bank of Hawaii knows its market and competed against several life companies to close this loan at superior terms “commensurate with the quality of the assets.”