San Francisco, CA – Gantry, Inc., the largest independent mortgage banking firm in the U.S., arranged financing for 39 separate transactions totaling more than $210 million in debt over the past 30 days. Since March 2020, Gantry has now closed 67 loans, totaling nearly $400 million in loan volume. While the lending market has continued to fluctuate daily from the ever evolving COVID-19 news, the industrial sector has shown particular resilience, a trend supported by thirteen transactions totaling $68.2 million in the last month.
Highlighting Gantry’s activity in the industrial sector is a $14.8 million deal for a mixed-use industrial property located in the San Gabriel Valley in Southern California. Peter Welsh, Principal, and Paige Serden, Senior Director, of Gantry’s Los Angeles office, worked with the borrower in securing the 12-year permanent loan with a life insurance company. Welsh noted, “In this environment, multi-tenant industrial properties have proven to be one of the most popular asset classes from a commercial real estate finance perspective.”
Additional Gantry deal highlights during the 30-day period, include a pair of Puget Sound loans arranged by Mike Wood, Principal in Gantry’s Seattle office. They include a $17 million loan for the Brewery Blocks, a mixed-use asset with 49 apartment units in Tacoma, and a $7.8 million deal for the Seaway Business Park Buildings G & H industrial property in Everett.
In the multifamily sector, Adam Parker, Principal in Gantry’s Phoenix office, secured $15 million in financing for The Woods Apartments, a 359-unit garden style complex located in Tucson, AZ. Funded by Fannie Mae, the 15-year interest rate was below 3%.
Also, from Gantry’s Phoenix office Patrick Barkley, Principal, recently completed three separate deals involving mobile home and RV parks in Mesa and Yuma totaling nearly $38 million. Combined, the communities consist of 950 pad sites and were more than 90% occupied.
Category highlights for this period also include seven multifamily financing deals totaling $52.4 million, two mixed-use loans totaling nearly $28 million, six office loans totaling $23.3 million, two self-storage deals totaling nearly $19 million, and seven retail financings totaling $12.6 million.
Michael Heagerty, Principal and Chief Financial Officer of Gantry, said “It is encouraging to see the transaction pipeline continue to build behind the backdrop of a global pandemic. We remain cautious but are optimistic that volume will grow as the financing market continues to gain a better grasp of economic conditions as the COVID-19 situation evolves. We expect to see lenders apply more structure to deals to help mitigate disruptions, such as adding interest reserves, as well as being selective about which markets and asset types they pursue, and closely tracking factors such as rent collections.”
Gantry, a privately-held company based in San Francisco, is a full-service commercial mortgage banking firm. Established in 1991 as Newmark Realty Capital, Gantry is staffed by 90 employees in its regional offices. Gantry is the correspondent/servicer on behalf of a roster of the leading life insurance, CMBS and Agency lenders in the nation, placing more than $4 billion per year in loans. Gantry’s national servicing platform exceeds $16 billion, representing over 2,000 loans located in 40 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.