Property Type Mixed
Financing Type Refinance
Date October 22, 2020
“Despite the challenging COVID market, we were able to secure terrific financing terms that will benefit the owners and the property for the next seven years.”
Palo Alto, CA (October 22, 2020) – Gantry, the largest independent commercial mortgage banking firm in the U.S., secured a $45,000,000 loan for Palo Alto Commons and Avant, a senior living facility in Palo Alto, CA. The Class A facility is highly amenitized boasting best in class furnishings and accomodations.
Gantry’s Jeff Wilcox and Charlie Kokernak represented the borrower on an exclusive basis on the refinancing. The seven-year loan was arranged through Freddie Mac via Gantry’s correspondent relationship with Walker & Dunlop.
Gantry’s Wilcox noted that this was a refinance of a construction loan he executed in 2012 with HUD. “Despite the challenging COVID market, we were able to secure terrific financing terms that will benefit the owners and the property for the next seven years.”
Palo Alto Commons, constructed in 1990, is an assisted living facility containing 142 units. It is a three-story wood frame structure that provides traditional assisted living services as well as higher acuity memory care services. The units are a combination of studio, one bedroom and two bedroom units that contain individual balconies, and high end fixtures and furnishings.
The Avant was constructed in 2012. It is a 45-unit independent living facility that compliments the operations of Palo Alto Commons. It includes amenities such as 24-hour trained staff, on-site community college courses, a fitness center with personal trainer support, an indoor pool, concierge service, and overnight security personnel that it shares with the Palo Alto Commons.