Milpitas, Calif. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $14.2 million permanent loan to refinance a 48,000-square-foot neighborhood retail center located in Milpitas, Calif., a Silicon Valley suburban submarket.

Gantry’s Andrew Mekjavich, Principal, Ben Johnson, Director, and Erinn Cooke, Senior Associate, with the firm’s San Francisco production office secured the loan on behalf of the borrower, a private real estate entity. The fixed rate loan was provided by a regional bank and was structured to retire a debt facility that the Gantry team placed in 2018.

According to Gantry’s Andrew Mekjavich, “We signed this loan up a few days after First Republic Bank failed.  The market was choppy, and lender feedback reflected it. We had many quotes for this loan; however, the client followed our lead in selecting a lender with whom we’ve executed many times.”  Mekjavich added “With so many banks either out of the market, or pricing themselves out of the market, a substantial lane has been cleared for those who remain.  Many high-quality real estate assets are still out there to be financed.”