Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $9.5 million permanent loan to refinance a facility 100%-occupied by the GSA under a long-term lease for use by the Bureau of Land Management. The property, located at 2020 E. Bell Road in Phoenix, includes a 28,624-square-foot office building on 6.42 acres, as well as warehouse, maintenance facilities, outside storage and a wareyard.

Gantry’s Mark Ritchie, Principal, and Keegan Bridges, Associate, with the firm’s Los Angeles production office secured the loan on behalf of the borrower, a private real estate investor. The 20-year, fixed-rate loan features 25-year amortization.

According to Gantry’s Mark Ritchie, “Government tenants with long term leases allow for multiple options for financing debt, including Credit Tenant Lease financing structures, banks, CMBS and life company solutions. Fortunately, Gantry’s significant line up of lenders provided a variety of solutions and Gantry’s life company correspondents are a competitive option for a financing such as this. With a life company execution, we were able to meet our client’s goal for both flexibility and a legacy hold on the asset in the most cost-effective structure for overall investment goals.”

The Borrower is an entity controlled by Los Angeles based BH Properties. BH Properties’ John Crump offered the following commentary: “Gantry has been a good partner for BH Properties in helping us meet our investment objectives. 2020 Bell is a prime example of BH’s value-add ability to acquire, lease and renovate a well-located property, and transform it into a long-term, productive asset.”

About BH Properties

Founded 30 years ago, privately held BH Properties (http://www.bhproperties.com) is a vertically integrated real estate investment company focusing on the acquisition and management of a geographically and product diverse portfolio of assets. The Los Angeles-based company, with six regional offices in San Francisco, Phoenix, Dallas, Houston, Seattle and Riverside, CA, continues to focus on value-add transactions, distressed debt, gap financing, and ground leases.