Property Type Retail
Financing Type Permanent
Date July 14, 2016
Ultimately, the maturing CMBS loan on the property was refinanced by a local credit union that offered a fixed rate solution that featured a 10 year maturity, 25 year amortization, and zero prepayment penalties.
JULY 14, 2016
SAN FRANCISCO, CA – Working on an exclusive basis, Robert Slatt and Charlie Kokernak of Gantry have arranged $6,000,000 in permanent financing for a single tenant building occupied by JC Penney in Longmont, CO. The single tenant and below investment grade credit rating of JC Penney created a challenging financing assignment, which the Gantry team marketed to numerous conduit lenders, life insurance companies, banks, and credit unions. Ultimately, the maturing CMBS loan on the property was refinanced by a local credit union that offered a fixed rate solution that featured a 10 year maturity, 25 year amortization, and zero prepayment penalties.
Gantry is a full service mortgage banking firm with an impressive 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 approximately $9 billion representing approximately 1,100 loans. Gantry is 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. In 2015, Gantry arranged more than $2.3 Billion in loans for its clients.