Dealmaker: Gantry Secures $19M to Refinance Industrial Portfolio
(Subject property photo courtesy of Gantry)
Gantry, San Francisco, secured a $19 million permanent loan to cross-collateralize and refinance the acquisition costs of three single-tenant industrial properties.
The three properties total 155,000 square feet, with two located in California’s San Fernando Valley and a third in Grand Prairie, Texas, in the Dallas Metroplex.
Gantry Principal George Mitsanas, Senior Director Bahman Mirhashemi and Associate Keegan Bridges from the firm’s Los Angeles production office represented the a private real estate firm borrower. They placed the five-year loan with one of Gantry’s correspondent insurance lenders at a fixed rate. Gantry will service the loan.
“In this instance, an experienced industrial property sponsor had acquired three assets in the past two years, including two that were acquired completely vacant,” Mirhashemi said. He noted the borrower executed a value-add leasing program and brought the portfolio to 100 percent occupancy with a weighted-average lease term exceeding 10 years. “We were able to cross-collateralize the three assets into one permanent loan at an attractive rate for a legacy hold,” he said. “The sponsor was also able to repatriate approximately $3 million of equity to redeploy towards future investments or investor returns.”