Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $15.55 million between two loans for the acquisition of existing self storage facilities located in Virginia and New Jersey, now owned and operated by Moove In Self Storage. The first asset offers 501-units located at 18004 Center Dr in Ruther Glen, VA, with the second featuring 454-units located at 350 Swedesboro Ave in Mickleton, NJ.

Gantry’s Andy Bratt, Principal, Amit Tyagi, Principal, and Sean Kuang, Associate, with the firm’s Irvine and Los Angeles production offices, secured the loans on behalf of the Sponsor, a regional owner-operator of over 80 storage facilities. The two loans were provided by a bank and a debt fund, with terms including interest only, prepayment flexibility, and favorable rates.

According to Gantry’s Andy Bratt, “The Moove In team identified two assets to add to their growing multi-state portfolio, with plans to apply their market-tested experience to enhance performance and efficiencies to drive value at both properties. Gantry’s ability to articulate our client’s strengths, historic performance, individual asset business plans, upside potential, and overall local fundamentals was critical to establishing asset values to maximize loan proceeds.”

Gantry’s Amit Tyagi added, “Our team approached over 70 debt capital sources for each transaction. This is where Gantry acts as an extension of our client’s executive team, helping to greatly expand lender relationships and drive a process that uncovers various options to optimize each financing. Gantry’s keen understanding of different capital programs and diverse roster of active lenders ultimately resulted in a bank loan for one asset, and a debt fund financing for the other in order to maximize Sponsor’s business plans. Every asset we finance is unique, and that is why we carefully compare a client’s investment model and asset specific needs against the available universe of programs to ensure that each property is financed in manner that helps it achieve its highest potential.”