Parkside La Palma Apartments in Anaheim Refinances at Extremely Low Leverage, Results in Low Rate for Tough Cycle; Multifamily Remains Prioritized Asset Class for Life Companies
Anaheim, Calif. (May 23, 2024) – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $4.3 million permanent loan to refinance the Parkside La Palma Apartments located at 1000 E La Palma Ave in the city of Anaheim. The garden-style complex features 79-units in studio, one-bedroom, and two-bedroom floorplans. Originally built in 1973, Parkside is maintained to superior standards offering a range of quality amenities including modern unit interiors, a community pool, onsite laundry, children’s playground, and lush landscaping.
Gantry’s George Mitsanas, Principal, Stefan Malmlund, Director, and Keegan Bridges, Associate, with the firm’s Los Angles and Irvine offices represented the borrower, a private real estate investor. The 10-year loan was secured from one of Gantry’s life company correspondent lenders at an attractive fixed rate reflecting a low leverage request, with terms including 20-year amortization and prepayment options. Gantry will service the loan.
According to Gantry’s Stefan Malmlund, “During a portfolio review for a long-standing Gantry client, we identified a near-term maturity for a legacy asset. Working closely with a client operating from an extremely conservative mindset, we reviewed various options for financing, prioritizing life company programs alongside agency and bank options. The property’s underwriting metrics were very strong, but its vintage status limited several front-running lenders. Ultimately, by articulating the substantial value created by attentive management from experienced sponsorship and the location’s strong long-term fundamentals for what was a low leverage request, we were able to refinance with an extremely attractive rate for this cycle from one of our premier life company lenders.”
About Gantry
At Gantry, independent thinking is in our genes. As a privately held firm, we take an intentional approach to everything we do. So, as our industry consolidates and becomes less personal, we push ourselves to ignore convention, to set a high standard and to always prioritize people ahead of profits. With over 30 years of experience of loan production and managing an $18 billion national servicing portfolio, our firm leverages a well-established correspondent-driven platform to construct the best financing solutions for our clients. For those seeking a partner that delivers more, we’re a little different. The right kind of different. To find out why and how, click here: www.gantryinc.com
