Property Type Mixed
Financing Type Bridge
Date March 12, 2020
Located in one of Southern California’s premier tourist destinations in downtown Huntington Beach, the property is approximately 96,000 square feet and offers tourists and locals a unique shopping and dining experience within an oceanfront setting.
Gantry, Inc., the largest independent commercial mortgage banking firm in the U.S., secures $48,750,000 in bridge financing for 5th & PCH, a class A, mixed-use street retail and office project. Located in one of Southern California’s premier tourist destinations in downtown Huntington Beach, the property is approximately 96,000 square feet and offers tourists and locals a unique shopping and dining experience within an oceanfront setting.
Andy Bratt, Principal, and Spencer Seibring, Associate, in Gantry’s Newport Beach office, worked with Boardwalk Investments Group in securing a 3-year term with two 12-month extension options with a Commercial Real Estate Finance Company providing bridge financing. The financing will be used to acquire the property with attractive leverage while they execute on their business plan and create additional value with the asset.
“The acquisition of 5th & PCH is in line with our strategy to acquire well-located assets and enhance its long-term value through strategic operational and capital improvements,” said Tom Lam, Managing Director of Boardwalk.
Bratt said of the transaction, “5th & PCH is perhaps the definition of a “Main and Main” asset because it occupies one of the prime sites in this highly-popular Orange County coastal market. Lending interest was strong because the sponsors’ reputation stands tall, the property features a dynamic tenant line-up and the unmatched location on PCH across the street from the beach continues drawing people to shop, stay and visit the property.”
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 more than 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.