Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $12 million permanent loan to refinance the Lockaway Storage facilities located at 6923 W. Loop 1604 North in San Antonio, Texas. Acquired at delivery in 2018, the modern facility includes 140,285 square feet of rentable space across 716 individual units that include traditional and climate-controlled units, mini-office and warehouse spaces, and oversized vehicle parking spaces.

Gantry’s Tom Dao, Principal, and Joe Foley, Associate, with the firm’s San Francisco production office secured the loan on behalf of the borrower, a private real estate investor with national holdings. The five-year loan was secured from one of Gantry’s correspondent insurance company lenders and features an attractive fixed rate and ability to reset every 5 years with monthly payments based on a 25-year amortization schedule.

According to Gantry’s Tom Dao, “Gantry continues to maintain a deep roster of vetted capital sources specific to the self-storage asset class. We marketed this assignment to a spectrum of insurance company lenders who specialize in self-storage commercial mortgages. After a careful review of options with the client’s goals for proceeds and preference for a 5-year term, we were able to effectively underwrite the asset to its top value and optimized loan proceeds. Ultimately, the selected loan provided the desired cash out for redeployment on a 5-year reset term if market conditions shift to a lower rate climate in the future.”