Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured an $11 million permanent loan to refinance two industrial properties located in Santa Clara and San Jose, California.  The properties, a single-tenant industrial building at 1941 Ringwood Ave in San Jose and a flex-industrial building at 3175 De La Cruz Blvd in Santa Clara, total 78,250 square feet of rentable space. 

Gantry’s Murphy Osborne, Director and Alex Poulos, Associate, with the firm’s San Francisco production office represented the borrower, a private real estate investor. The 10-year, fixed rate, cross-collateralized loan was secured from one of Gantry’s correspondent life company lenders with terms including prepayment flexibility and 25-year amortization.

According to Gantry’s Murphy Osborne, “Performing industrial property in the greater Bay Area region remains a targeted asset class for our insurance company lenders. In this instance, cross collateralizing a highly stable single tenant asset with a multi-tenant property allowed us to achieve an optimized blended rate on behalf of our client from one of our top correspondents. Gantry prides itself on a holistic approach to client financing needs, leveraging diverse holdings performing at different levels in one loan to reduce overall cost of debt for borrowers. In this instance, aligned maturities presented such an opportunity.”