Property Type Mixed
Financing Type Permanent
Date January 19, 2016
Gantry has arranged permanent financing in the amount of $10,200,000 secured by 112,000 SF mixed-use property located in southeast Las Vegas
Gantry has arranged permanent financing in the amount of $10,200,000 secured by 112,000 SF mixed-use property located in southeast Las Vegas. Christopher Funai, Vice President for Gantry in Las Vegas, procured the loan from a CMBS lender who provided the non-recourse loan which refinanced the borrower’s loan on the property at a substantially lower rate.
Gantry’s long-standing relationship with the lender was pivotal to the approval process, noting many capital sources, including banks, are not interested in investing in the Southern Nevada market. Because the borrower was able to maintain good occupancy on the property through a weak real estate market, the lender got comfortable with the project and funded the loan. No origination fees were charged to the borrower and the interest rate was below 5.0%.
Gantry is a full service mortgage banking firm with a strong lineup of correspondent lenders utilizing Gantry’s production, closing and servicing capabilities. Established in 1991, Gantry is currently staffed by over 50 employees in regional offices throughout the western United States. The company services over $6.5 billion representing 900 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 Chris Funai at 702-304-0437 or Michael Heagerty at 415-956-9854.