Property Type Storage
Financing Type Fixed-Rate
Date June 29, 2020
A 654-unit self-storage facility that had just reached stabilization in February 2020. At the time of loan closing in late April, the property was 82% occupied.
Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $9,500,000 in permanent financing for a 654-unit self-storage facility in Oakley, CA that had just reached stabilization in February 2020. At the time of loan closing in late April, the property was 82% occupied.
Tom Dao, Senior Director in Gantry’s San Francisco office, worked with the borrower on an exclusive basis, in arranging the fixed-rate financing with a correspondent life insurance company. The financing provided an earn out feature, which allowed the borrower to receive additional funding upon meeting a certain agreed upon income threshold. According to Dao, “This loan was a great fit for the lender who was looking for a strong operator with excellent management capabilities.”
“In this highly uncertain business environment, it is comforting to team up with Tom and Gantry who have, on a repeated basis, demonstrated solid deal execution,” said Art Lorenzini and Ryan Lorenzini, Principals of Oakley Self Storage, LP.
Since March 2020, Gantry has now closed 119 loans, totaling more than $762 million in loan volume. Category highlights for this most recent reporting period of 31 loans includes 10 multifamily financing deals totaling $70.5 million, five office loans totaling $51.8 million, eight retail financings totaling $29.7 million, five industrial loans totaling $29.1 million and two self-storage deals totaling nearly $12.2 million.