Legado Companies and Gantry, the largest independent commercial mortgage banking firm in the U.S., have obtained $128 million of construction-to-permanent financing in three tranches, from three separate lenders, for the development of the Legado at the Met multifamily project in Santa Ana.
Gantry’s George Mitsanas, Principal, and Amit Tyagi, Principal, with the firm’s Los Angeles (El Segundo) production office secured the financing on behalf of the borrower, Legado Companies. Gantry’s production team underwrote the complex financing in three tranches with three of the firm’s correspondent life company lenders to maximize LTC proceeds. Gantry will service all three loans during construction and once converted to permanent loans.
According to Gantry’s George Mitsanas, “Projects like Legado at the Met are complicated and require a creative approach to finding the right mix of capital sources to fund them accurately to fruition. So we could maximize construction and permanent capital proceeds meeting a realistic budget for this Class A build, our team worked with three of our long-standing insurance company correspondents to underwrite concurrent loans totaling $128 million. These loans were optimized to our client’s capital requirements in what has remained a volatile commercial finance market. Because of Gantry’s strong, time-tested relationships with our roster of correspondent lenders, we confidently introduced this experienced sponsor to several capital sources, ultimately landing on this creative structure to co-fund what is a superlative, Class A development serving one of Orange County’s premier professional and lifestyle submarkets. This was not an off the shelf financing structure by any means. Without our deep long standing lender relationships, I firmly believe this transaction would have never come together. Truly a team effort!”
