Property Type Office
Financing Type Construction-to-Permanent
Date February 6, 2020
“Our combined construction financing and credit tenant lease expertise allowed us to structure a deal where the long-term financing risk was eliminated while still maintain flexibility during construction.”
Gantry, the largest independent commercial mortgage banking firm in the U.S., has arranged $106,000,000 in construction-to-permanent financing for a 141,000-square-foot medical office building leased by the U.S. Veteran’s Administration in San Diego, CA.
Peter Hillakas, Senior Director, and George H. Mitsanas, Principal, in Gantry’s Los Angeles office, arranged the financing with a correspondent pension fund. Both the construction and permanent loans will be serviced by Gantry. Specific terms of the financing were not disclosed.
According to Mr. Hillakas, “Our combined construction financing and credit tenant lease expertise allowed us to structure a deal where the long-term financing risk was eliminated while still maintain flexibility during construction.”
Mr. Mitsanas added, “We provide financing for all product types in commercial real estate. Our comprehensive understanding of deal structures allows us to think outside of the typical CTL financing box.”
Gantry, an independently-held company based in San Francisco, is a full-service mortgage banking firm with an extensive lineup of correspondent lenders and loan production, closing and servicing capabilities. Established in 1991, Gantry is currently staffed by over 75 employees in regional offices throughout the United States. In 2019, Gantry closed over $3.1 billion in loan production and grew its national servicing platform to $13 billion, encompassing over 1,500 loans located in 41 states. Rated as a Primary Servicer by Standard & Poor’s, Gantry is one of a select few non-banking/non-insurance chartered companies with this designation.