Property Type Multi-Family
Financing Type Construction
Date February 25, 2020
“This is only the second new project to be built in Manteca in the past 13 years. The area has experienced expansive growth and there has been new home building, but the market is lacking apartment properties,” said Jeff Matlock of Gantry.
Gantry, the largest independent commercial mortgage banking firm in the U.S., executed a $31.4-million construction loan for Jana Lynn Woodbridge Apartments, a 172-unit multifamily project in Manteca CA. The San Francisco-based company, formerly Newmark Realty Capital, Inc., arranged the three-year loan through a debt fund lender for the garden-style apartment property now under development by The Schussing Company and Rubik Built.
Gantry’s Jeff Matlock, Jeff Wilcox and Ben Johnson arranged the financing, a non-recourse loan with a completion guarantee by the sponsors. The loan provides the developer an option to obtain the highest loan proceeds available, at a 75% loan-to-cost basis.
“This is only the second new project to be built in Manteca in the past 13 years,” Matlock said. “The area has experienced expansive growth and there has been new home building, but the market is lacking apartment properties.”
Wilcox notes, “The locally-based owners are building this $55-million project as a long-term hold, have been long-term investment property owners and bring extensive development experience in California’s Central Valley.”
Among the challenges noted by the brokers are that Manteca is viewed as a smaller market outside of the Bay Area and this is a large project seeking maximum leverage.
Gantry, a privately held company based in San Francisco, is a full-service commercial mortgage banking firm. Established in 1991 as Newmark Realty Capital, Gantry is staffed by 90 employees in its regional offices. Gantry is the correspondent/servicer on behalf of a roster of the leading life insurance, CMBS and Agency lenders in the nation, placing over $4 billion per year in loans. Gantry’s national servicing platform encompasses over $16 billion, representing over 2,000 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.