Property Type Multi-Family
Date January 18, 2016
Gantry has arranged a permanent refinance in the amount of $5,150,000 for a portfolio of apartment buildings located in Southern California.
Gantry has arranged a permanent refinance in the amount of $5,150,000 for a portfolio of apartment buildings located in Southern California. Mark Ritchie, a Principal with Gantry, and Robert Slatt, a Vice President, secured financing for the properties through Gantry’s correspondent lending relationship with Walker and Dunlop. The Morrison and Huston Park Apartment buildings total 81 units and are located in the North Hollywood area of Los Angeles County. Morrison Park Apartments is a 41 unit building and is located directly behind the 40 unit Huston Park Apartment complex. Both buildings were developed by the current owner in the early 90s. Gantry originated the $3,000,000 loan on the Morrison Park Apartments on a 10 year fixed term with a 30 year amortization schedule. In addition, Gantry originated a $2,150,000 loan on the Huston Park Apartments on a 15 year fully amortizing structure. In both loans, the borrower defeased the existing debt on the properties and was able to pull significant cash out and still keep the debt service at the same levels as the payments on the previous loans. With offices in Los Angeles, San Francisco, Sacramento, Seattle, Irvine, Las Vegas and Phoenix, Gantry is a full service mortgage banking firm with a strong lineup of correspondent lenders utilizing Gantry’s production, closing and servicing capabilities. In addition to arranging loans, Gantry is active in loan restructuring assignments through its Debt Advisory Group. Established in November 1991, Gantry is currently staffed by over 50 employees in seven regional offices throughout the western United States. The company services over $5 billion with nearly 800 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 these transactions, please contact Mark Ritchie at (310) 846-5303, Robert Slatt at (415) 946-6246 or Michael Heagerty at (415) 956-9854.