Property Type Retail
Date January 19, 2016
George Mitsanas, a Principal of Gantry, has arranged permanent financing in the amount of $41,500,000, with a 10 year term, amortized over 30 years, for the Wilshire Union Shopping Center.
George Mitsanas, a Principal of Gantry, has arranged permanent financing in the amount of $41,500,000, with a 10 year term, amortized over 30 years, for the Wilshire Union Shopping Center. Mr. Mitsanas worked on an exclusive basis to arrange the financing with a correspondent life company. He also assisted with the construction financing during the late 1990s and arranged the previous permanent loan in 2001.
The subject property is a 213,000 square foot seasoned retail center generating store sales at the top of their respective chains. The subject is anchored by Home Depot, Food-4-Less and Rite-Aid. Some strengths behind the property are its excellent occupancy history and experienced LA based private borrower. The retail center is located on Wilshire Boulevard, just west of downtown Los Angeles. Arguably, the location is one of most dense neighborhoods in Los Angeles. Gantry will service this loan.
Over the past two decades, Mr. Mitsanas has arranged a wide variety of retail transactions including construction, permanent and joint ventures for single tenant, strip centers, neighborhood centers, power centers, community centers and regional malls.
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 November 1991, Gantry is currently staffed by approximately 50 employees in seven regional offices throughout the western United States. The company services over $6 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 this transaction please contact George Mitsanas at (310) 846-5299 or Michael Heagerty at (415) 956-9854.