Property Type Retail
Date January 19, 2016
Gantry has arranged permanent financing in the amount of $10,000,000 secured by nearly 60,000 square feet of prime multi-tenant retail space.
Gantry has arranged permanent financing in the amount of $10,000,000 secured by nearly 60,000 square feet of prime multi-tenant retail space. The security is located in Inglewood, CA, and tenants include Walgreens and LA Fitness. In addition, the security is part of a larger retail center anchored by Target and Home Depot. The center is considered to be the premier retail shopping destination for the region. Peter Welsh, Principal of Gantry in Los Angeles, and Demetri Koston, Vice President of Gantry in Spokane, worked on behalf of the borrower to arrange the long-term, fixed rate, non-recourse financing through a correspondent life insurance company. The loan will fully amortize over the fixed rate term. Gantry will service the loan.
While Walgreens corporate credit is highly sought after in the capital markets, this transaction posed some unique and significant financing challenges. In particular, the loan term extends beyond the lease terms for all the tenants, which was unsettling for some lenders. Regardless, Gantry effectively identified the lender best suited to overcome the challenges and meet the borrower’s objectives. Furthermore, as is typical with Gantry’s other correspondent lenders, there were no lender fees incurred by the borrower for this transaction.
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 60 employees in regional offices throughout the western United States. The company services over $7.5 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 Peter Welsh at 310-846-5298, Demetri Koston at 509-720-6364, or Michael Heagerty at 415-956-9854.