Property Type Multi-Family
Financing Type Construction-to-Permanent
Date December 10, 2019
The project will offer residents convenient walking access and views of the Redondo Beach Riviera and Pacific Ocean. This is a pivotal development for the local community, as this will be the largest apartment project to be developed in Redondo Beach in more than a decade.
Gantry (formerly Newmark Realty Capital, Inc.) has arranged $75,000,000 in construction-to-permanent financing for a to-be-built, 115-unit mixed-use apartment with ground floor retail in Redondo Beach. Located on the high-profile corner of Pacific Coast Highway and Palos Verdes Blvd, the project will offer residents convenient walking access and views of the Redondo Beach Riviera and Pacific Ocean. This is a pivotal development for the local community, as this will be the largest apartment project to be developed in Redondo Beach in more than a decade.
George Mitsanas, Principal, and Amit Tyagi, Senior Director, from Gantry’s Los Angeles office, arranged the fixed-rate financing for the unnamed borrower. The 12-year loan, 5 years of interest-only, was placed through one of Gantry’s correspondent life insurance company lenders. According to Mr. Mitsanas, “Sponsorship is a private, family-owned operation that has been developing in California for over 50 years. The transaction was structured to meet the unique needs of sponsorship and the City of Redondo Beach. Gantry, together with our correspondent life insurance company, was able to successfully craft this financing vehicle to balance the nuances and transitions between construction, completion, and stabilization of the asset. We were able to utilize our local market knowledge to give the lender comfort in underwriting and cash flow metrics as they relate to the coastal Redondo Beach/South Bay market. Within this past year, Gantry has closed in excess of $500M of construction-to-permanent loans, continuing to successfully execute on our expertise with this distinct financing type. Many years ago, we had arranged the necessary purchase money for this site. We have been working with the developer throughout the years in providing our professional advice on the feasibility of the various project design iterations.”
At Gantry, independent thinking is in our genes. As an independent firm, we take a thoughtful and intentional approach to everything we do. So, as our industry consolidates and becomes less personal, we push ourselves to ignore convention, to set a high standard and to always prioritize people ahead of profits. With 30 years of experience, a $13 billion national servicing portfolio, we’re committed to constructing the best deals for our clients. For those seeking a partner that delivers more, we’re a little different. The right kind of different.