Orange, Calif. (April 27, 2021) – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $23 million in new financing for a 256-unit portfolio encompassing three apartment complexes located in Orange, Calif.
These include Orange Garden Apartments, at 1931-2003 E Quincy Avenue; Courtyard Apartments, at 928-2003 N Highland Street; and Plaza Garden Apartments, at 1907-2003 E Monroe Avenue.
The loan was originated with one of Gantry’s correspondent life company lenders and secured on behalf of a private partnership.
Gantry’s Andy Bratt, principal with Gantry’s Newport Beach production office, placed the loan after a marketing process consisting of banks, life insurance companies, and the agencies in order to meet ownership’s strategy of a long-term hold. The selected 15-year loan with 30-year amortization was funded through a life insurance company, with terms featuring a sub three percent interest rate tied to the asset’s strong fundamentals and conservative loan to value.
The properties feature 32 buildings in three adjoining complexes offering a mix of market and affordable one- and two-bedroom units.
According to Gantry’s Andy Bratt “Multifamily assets continue to see some of the best rates and terms in the market. Competition among lenders remains high, which allows us at Gantry to provide value to our clients by creating a market with various capital sources to compete for best rates, terms, and execution to meet our borrower’s goals. We identified the sponsor’s goal of long-term ownership and matched that with a life insurance company that was more competitive than the Agencies and other capital sources by providing a 15-year fixed loan with an interest rate well inside three percent.”
About Gantry
Gantry, a privately held company headquartered in San Francisco, is a full-service mortgage banking firm with an extensive lineup of correspondent lenders utilizing Gantry’s production, closing and servicing capabilities. Established in 1991, Gantry is currently staffed by nearly 90 professionals in regional offices throughout the western United States and in New York. The company’s national servicing platform valued at nearly $17 billion represents more than 2,000 loans located in 43 states. Gantry is rated as a Primary Servicer by Standard & Poor’s and is one of a select few non-banking/non-insurance chartered companies with this designation. For more information, please visit gantryinc.com.
