Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $7.5 million permanent loan for the acquisition and recapitalization of Storage Corner Marina and Marina Business Park located at 218-224 Reindollar Ave in Marina, Calif. The property features a mix of self-storage, industrial, and retail uses encompassing a total of approximately 116,000 rentable square feet. Originally built in phases through the 1970s-80s, new sponsorship immediately commenced a comprehensive rehabilitation and active management program upon closing.

Gantry’s Charlie Kokernak, Director, with the firm’s Portland production office secured the loan on behalf of Storage Corner Group, a Bay Area based self-storage and light-industrial focused investment firm. The six-year, non-recourse loan was secured via one of Gantry’s correspondent insurance lenders and features an attractive fixed rate with partial term interest only followed by 30-year amortization.

According to Gantry’s Charlie Kokernak, “Gantry’s ability to work through time-tested channels with our insurance correspondents is a huge asset in a complex financing like this. Our work highlighting the high-barrier to entry local market fundamentals of Marina and articulating this request as a strategic value-add acquisition with a very experienced sponsor made all the difference in securing permanent debt for this unique asset. This was a rare opportunity to finance a Monterey self-storage and light-industrial property, as these assets have been closely held for generations and the market rarely transacts. Our team was able to quickly identify several ready and willing financing options, and selected an optimized, non-recourse, and fixed rate solution able to support a value-add repositioning now underway.”