Portland, OR (November 17, 2020) – Gantry, the largest independent commercial mortgage banking firm in the U.S., secured $38,000,000 in financing for six properties totaling 544,000 square feet across Metro Portland, OR. The financing covered five industrial facilities and an office complex.
Gantry’s Blake Hering, Jr., Heather Kegler and Matt Illias arranged the six customized loan solutions through five different life company lenders on behalf of a single sponsor.
Hering, Jr., says, “All the loans were placed during the Pandemic with correspondent lenders requiring no impounds, holdbacks or reserves. Each loan was tailored to the borrower’s needs and the property’s circumstances. The loans will be serviced by Gantry, thereby providing on-going customer service for the life of loan.”
The properties included:
- 30,000-square-foot Warehouse, Tualatin, OR – Challenge: single tenant property with a pre-term lease. Solution: Woodmen of the World, an exclusive life company correspondent, offered a non-recourse loan with no mitigating structure.
- 31,000-square-foot business park in Hillsboro, OR – Challenge: property located on the edge of the UGB with a sizeable vacancy. Solution: Ameritas Investment Partners (a co-exclusive life company correspondent) with a master lease structure.
- 145,000-square-foot business park in Beaverton, OR – Challenge: Marchrequest at the Height of Covid. Solution: Nationwide Life (exclusive life company correspondent), offered a market leading rate on a self-liquidating loan structure.
- 150,000-square-foot Warehouse, Hillsboro, OR – Challenge: Seismic upgrades and a partial lot release planned. Solution: Standard Mortgage Investors (correspondent life company) with nominal recourse, no holdbacks, and no reserve requirements.
- 93,000-square-foot office complex in Tigard, OR – Challenge: tenancy in flux, 45-day close, maximum payoff flexibility requested. Solution: Nationwide Life (exclusive correspondent) provided life company execution with a bridge hybrid loan structure.
- 95,000-square-foot business park in Milwaukie, OR – Challenge: hyperamortized, low-leverage loan seeking market leading rate. Solution: State Farm Life Insurance Company (exclusive correspondent) with a 10+ year fixed rate in the mid-2% range.