Property Type Retail
Date January 19, 2016
Gantry, working on an exclusive basis, has arranged acquisition financing in the amount of $7,482,000 for a freestanding Chavez Markets Grocery Store located in the newly constructed Umbarger Square Shopping Center in San Jose, California.
Gantry, working on an exclusive basis, has arranged acquisition financing in the amount of $7,482,000 for a freestanding Chavez Markets Grocery Store located in the newly constructed Umbarger Square Shopping Center in San Jose, California. Chavez Markets is a family-owned company that operates seven locations throughout the Bay Area.
Braden Turnbull and Robert Slatt, Principals in the Los Angeles and San Francisco offices respectively, worked with Chavez Markets to obtain financing from a regional bank. The bank provided $4,082,000 on a 25 year fully amortizing loan while the remaining $3,400,000 was funded through the Federal Government’s 504 SBA lending program on a 20 year fully amortizing basis. The borrower was able to qualify for the SBA’s increased energy efficiency program which allowed the SBA to lend more than their maximum $2,000,000 legal limit.
With offices in Los Angeles, San Francisco, Sacramento, Seattle, Irvine, Las Vegas and Phoenix, Gantry is a full service mortgage banking firm with a strong lineup of correspondent lenders utilizing Gantry’s production, closing and servicing capabilities. In addition to arranging loans, Gantry is active in loan restructuring assignments through its Debt Advisory Group. Established in November 1991, Gantry is currently staffed by approximately 50 employees in seven regional offices throughout the western United States. The company services over $5 billion with nearly 800 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 Braden Turnbull at (310) 846-5301, Robert Slatt at (415) 946-6246 or Michael Heagerty at (415) 956-9854.