Property Type Multi-Family
Date November 10, 2021
The transactions reflect a healthy appetite from a broad spectrum of lenders for qualifying multifamily assets seeking long-term debt.
Unique Loans for Three Different Owners Demonstrate Competition for Qualifying Multifamily Assets from a Spectrum of Agency, Life Company and CMBS Lenders; Legacy-Hold Terms at Generationally Favorable Rates Tailored to the Specific Investment Performances of Each Sponsor
Buffalo, N.Y. (November 10, 2021) – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $31.9 million in total to refinance three multifamily properties for three unique owners, with the subject properties located in diverse regions of upstate New York. The transactions reflect a healthy appetite from a broad spectrum of lenders for qualifying multifamily assets seeking long-term debt. As a commercial mortgage banking advisory firm, Gantry works with over 100 lenders to identify and secure optimal financing solutions that are tailored to the investment performance goals of its client asset sponsors.
Gantry’s Tom Grzebinski, Senior Director, and Jack Stelianou, Associate, with the firm’s Buffalo production office secured the loans on behalf of the individual borrowers. The loans were placed with a trio of Gantry’s correspondent Agency, Life Company and CMBS lenders, respectively and as highlighted below. Each funding focused on meeting legacy hold strategies for private owners, and selected loan programs were optimized to meet unique investment goals and qualifications.
According to Gantry’s Tom Grzebinski, “The consistency of multifamily performance post-COVID and the strength of occupancy and fundamentals in secondary and tertiary markets like we are seeing in Upstate New York continues to motivate commercial mortgage lenders in prioritizing multifamily assets. For borrowers seeking to refinance assets with a demonstrated performance history, this is one of the best periods on record for securing optimized financing meeting long-term investment goals. The competition from lenders in this cycle for qualifying properties has resulted in great loan options at superior terms, including generationally low interest rates. In each of these three transactions, we were able to tailor a specific loan at favorable terms meeting each sponsor’s operating model and investment imperatives, taking into consideration distinct differences in asset quality, investment model and local market fundamentals.”
Individual transactions include: