Reno, Nev. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $12.7 million bridge loan to fund construction and lease-upfor North Reno Plaza through to completion. The center is currently under renovation in preparation for the arrival of a new El Super supermarket tenant, free standing Starbucks with drive through, and overall center improvements including a new junior-anchor space. The 130,000-square-foot center is located at 1901 Silverada Boulevard, Reno, Nev., along the recently new and improved Oddie Blvd corridor. and the center features a roster of existing tenants including fast food, professional services, and fitness businesses all operating during renovations.

Gantry’s Tony Kaufmann, Principal, Charlie Kokernak, Director, and Andrew Ferguson, Associate, with firm’s San Francisco and Portland production offices secured the funding on behalf of the borrower, a private real estate investor. The non-recourse, balance-sheet bridge loan features interest only terms and was closed by Gantry in less than 40 days.

According to Gantry’s Tony Kaufmann, “For assets in transition, rate volatility and banking turmoil have put many projects in uncertain territory. As many banks require at least 10-20% of a loan amount in deposits to transact, private debt fund lenders are filling the void for borrowers not seeking to hinder their access to liquidity. With long-term leases in place from two credit tenants in El Super and Starbucks coming to the center, Gantry was able to shift into alternative lending sources and optimize a private funding solution that offered maximized proceeds for the project.”