(EDITOR’S NOTE: The property is located at 9600 Wilshire Boulevard.)
Beverly Hills, Calif. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $20 million to recapitalize the signature Beverly Hills location of luxury retailer Saks Fifth Avenue. The loan was originated with one of Gantry’s correspondent life company lenders and secured on behalf of the private client property owner.
The property is a landmark Saks 5th Avenue location and sits on Wilshire Boulevard in close proximity to world-renowned Rodeo Drive shopping district. Saks 5th Avenue Men’s and Bridal Departments occupy the entire building while remaining departments are located in Saks’ separate building immediately east across Bedford Drive. The subject property also includes an adjacent parking structure.
Gantry’s Braden Turnbull, principal, and Josh Natker, senior associate, with Gantry’s Los Angeles production office, placed the loan after reviewing ownership’s operational goals against a range of viable capital sources. After a review of options, the selected 25-year loan was funded through a correspondent life insurance company, offering the client an attractive fixed rate term meeting their long-term operative goals for the asset.
According to Gantry’s Braden Turnbull, “Retail is an asset class that has suffered from substantial uncertainty during the intense disruptions of the Covid-downturn. However, Gantry has continued to identify viable financing options for retail property owners during this time. This has allowed our clients to access attractive long-term capital in this historically low interest rate environment. With the return of consumers to more normal shopping patterns now that vaccination programs are in full swing, Gantry expects to see more lenders willing to compete for retail assets at rates and terms attractive to borrowers.”
