Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $14 million permanent loan to refinance a cross-collateralized pair of Silicon Valley flex-industrial assets encompassing a total of 60,000 square feet across both facilities. Located at 1250-1252 Borregas Avenue in Sunnyvale and 161 East Evelyn Avenue in Mountain View, both assets were 100% leased in multi-tenant formats at the time of financing.

Gantry’s Murphy Osborne, Senior Director, and Andrew Ferguson, Associate, with the firm’s San Francisco production office secured the financing on behalf of the borrower, a private real estate investor. One of Gantry’s correspondent life company lenders provided the 10-year loan which features 25-year amortization and prepayment options throughout the life of the loan.

According to Gantry’s Murphy Osborne, “Silicon Valley has a deep pool of flex-industrial assets functioning under both industrial and office uses. These readily adaptable properties occupy a unique position in the region’s start up culture and professional services, manufacturing, and final mile distribution industries. While flex-office assets can present challenges when underwriting to lender requirements, Gantry’s ability to articulate sponsor experience, underlying land and facility value, historic performance, and regional economic fundamentals made all the difference in securing an optimized, legacy-hold, permanent loan for this pair of quality assets from one of our correspondent life company lenders.”