Property Type Multi-Family
Financing Type Permanent
Date December 29, 2017
“We were able to generate significant interest from the institutional lending community due to excellent sponsorship, each assets’ strategic location and the strong fundamentals of the Los Angeles apartment housing market.”
LOS ANGELES, CA – Gantry, the largest independent commercial mortgage banking firm in the western U.S., has secured $51.8 million in new financing for six Los Angeles multifamily properties. The portfolio is located in the University Park, Hollywood, Westlake and Korea Town submarkets.
“This portfolio was a diverse mix of property types and location requiring significant underwriting to assess its collective value,” said George Mitsanas, principal with Gantry. “We were able to generate significant interest from the institutional lending community due to excellent sponsorship, each assets’ strategic location and the strong fundamentals of the Los Angeles apartment housing market.”
George Mitsanas, principal, Peter Hillakas, vice president, and Chandler Hogue, associate, with Gantry’s Los Angeles production office worked with the borrower to arrange the 10-year, non-recourse financing through one of Gantry’s correspondent life company lenders. Other terms were not disclosed. Gantry will also service the loan.
“We originate and service multifamily loans for a wide variety of institutional national lenders, including insurance companies, banks, agencies, and pension funds. Throughout the years we have arranged construction and permanent loans nationwide. A number of our financing vehicles are higher leveraged participating loans or joint ventures. In certain situations, the agencies offer the best terms but in most deals, we are able to provide a competitive structure and pricing that will win the deal. Nevertheless, Gantry has tremendous experience in financing multifamily projects of all sizes, product type and leverage points,” said George Mitsanas.
Gantry, a privately held company based in San Francisco, is a full service mortgage banking firm with an extensive lineup of correspondent lenders utilizing Gantry’s production, closing and servicing capabilities. Established in 1991, Gantry is currently staffed by over 70 employees in regional offices throughout the western United States. The company’s national servicing platform of nearly $10 billion represents over 1,200 loans located in 40 states. Gantry is rated as a Primary Servicer by Standard & Poor’s and is one of a select few non-banking/non-insurance chartered companies with this designation.