Property Type Storage
Date January 19, 2016
George Mitsanas, Principal, and Michelle Hsieh, Associate, of Gantry’s Los Angeles office have arranged permanent financing in the amount of $300,000,000 (Canadian) for a portfolio of 50 self-storage facilities.
George Mitsanas, Principal, and Michelle Hsieh, Associate, of Gantry’s Los Angeles office have arranged permanent financing in the amount of $300,000,000 (Canadian) for a portfolio of 50 self-storage facilities. The security includes nearly 37,500 storage units, or 3.65M square feet, located in the Canadian provinces of British Columbia, Alberta, Ontario, and Quebec.
The non-recourse loan fully amortizes over a term of 15 years. Gantry originated the financing on an exclusive basis for the borrower, the leading self-storage owner/operator of Canada, with a US-based life insurance company.
“The sponsor founded one of the world’s most prominent self-storage brands. We are proud to have arranged this complex financing structure. The life company lender we selected is among the best in our nation and their team did a first class job in handling all aspects of the transaction. Gantry has significant self-storage experience with a wide variety of owners and capital sources throughout North America.” – George Mitsanas, Principal of Gantry
Gantry is a full service mortgage banking firm with a strong lineup of correspondent lenders utilizing Gantry’s production, closing and servicing capabilities. Established in 1991, Gantry is currently staffed by over 60 employees in regional offices throughout the western United States. The company services approximately $8 billion representing over 900 loans. Gantry has been rated as a Primary Servicer by Standard and Poor’s and is one of a select few non-banking/non-insurance chartered companies with this designation.
For more information on this transaction please contact George Mitsanas at (310) 846-5299, or Michael Heagerty at (415) 956-9854.