Property Type Multi-Family
Financing Type Permanent
Date February 4, 2020
The subject property is a 65-unit garden-style apartment complex consisting of three, three-story buildings and four non-residential buildings. At the time of financing, the property was 97% occupied.
Gantry, Inc., the largest independent commercial mortgage banking firm in the U.S., has arranged $16,000,000 in permanent financing for Bollinger Crest Apartments in San Ramon, CA. The subject property is a 65-unit garden-style apartment complex consisting of three, three-story buildings and four non-residential buildings. At the time of financing, the property was 97% occupied.
Tom Dao, Senior Director and his team, Eric Von Berg, Principal, Jeff Matlock, Director, and Benjamin Johnson, Senior Associate in Gantry’s San Francisco, arranged the 30-year, fully-amortizing loan with the borrower. Dao notes, the Bollinger Crest financing was unique because the fixed-rate terms were longest available, and only offered by some insurance company lenders. However, the lender was impressed with the owner/manager, the property upkeep and the general vibrancy of the East Bay market, he added. The loan was structured as non-recourse, with a very competitive sub-4% rate.
“This loan met our expectations in every way, and Tom smoothed out the path to a timely and efficient loan execution. Working with a banker who listened to what we desired and understood our reasons for such requests, as well as working with a lender who recognized our value was the key to success for this transaction.” – Art Lorenzini and Ryan Lorenzini, Principals
Gantry, an independently-held company based in San Francisco, is a full-service mortgage banking firm with an extensive lineup of correspondent lenders and loan production, closing and servicing capabilities. Established in 1991, Gantry is currently staffed by over 75 employees in regional offices throughout the United States. In 2019, Gantry closed over $3.1 billion in loan production and grew its national servicing platform to $13 billion, encompassing over 1,500 loans located in 41 states. Rated as a Primary Servicer by Standard & Poor’s, Gantry is one of a select few non-banking/non-insurance chartered companies with this designation.