The Five-Story, 87-Unit Development Set to Deliver by Year End 2022
Los Angeles, Calif. (March 30, 2021) – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a total of $35 million in construction-to-permanent financing for The 1860 Apartments, an 87-unit multifamily development with 6,000 square feet of ground floor retail located in the Los Feliz submarket of Los Angeles, CA. The five-story development will be located on the southeast corner of Franklin & Western and slated to deliver in Q4 2022.
Gantry’s George Mitsanas, Peter Hillakas and Andrew Curtis with the firm’s Los Angeles office identified and structured the loan on behalf of the Borrower. The 7-year loan was placed through one of Gantry’s correspondent life insurance companies, with terms featuring interest only during the construction loan period followed by a 30-year amortization at a very competitive interest rate. The loan features an earn-out component for a total debt capitalization of $35 million. Gantry will be the loan servicer. Gantry also advised the sponsor on the placement of a mezzanine loan.
According to Gantry Principal, George Mitsanas, “This is an exceptionally well-located project with a rock-solid development team. We have arranged billions of dollars in construction to permanent loans over the years, but we are especially proud to have put this one together during the height of the Covid-19 pandemic. Hopefully, no facial masks will be required during the 2022 grand opening ceremony!”
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.