Property Type Storage
Date March 19, 2018
Mr. Von Berg and his team were able to negotiate a 65% loan-to-value, 15-year fixed-rate term, non-recourse loan. At close, the property was 83% leased.
MARCH 19, 2018
PHOENIX, AZ – Located within the central corridor of Phoenix, Gantry secured $3.0 MM in financing for Extra Space Self-Storage, a two-story indoor facility with 362 air conditioned units. Situated along West Indian School Road, the property was originally a multi-tenant office but was converted to a self-storage facility in 1995. The immediate area adjacent to the subject property includes a mixture of office, retail, older single family residential subdivisions, and multifamily apartment projects. Mr. Von Berg and his team were able to negotiate a 65% loan-to-value, 15-year fixed-rate term, non-recourse loan. At close, the property was 83% leased.
Gantry, a privately held company based in San Francisco, is a full-service mortgage banking firm with an extensive lineup of correspondent lenders utilizing Gantry’s production, closing and servicing capabilities. Established in 1991, Gantry is currently staffed by over 70 employees in regional offices throughout the western United States. The company’s national servicing platform of $10 billion represents over 1,200 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.