Gantry secured a $4.3-million permanent loan to refinance the Parkside La Palma Apartments located at 1000 E La Palma Ave in Anaheim, California.
Principal George Mitsanas, director Stefan Malmlund and associate Keegan Bridges with Gantry’s Los Angles and Irvine offices represented the borrower, a private real estate investor.
Originally built in 1973, the garden-style complex features 79 units in studio, one-bedroom and two-bedroom floorplans. Parkside La Palma Apartments range in size from 650 to 950 square feet. It is a gated community featuring covered parking, an on-site laundry facility, playground, courtyard with a pool, with some units including aluminum roll-up garages. The community is pet-friendly.
Malmlund said, “The property’s underwriting metrics were very strong, but its vintage status limited several front-running lenders. Ultimately, by articulating the substantial value created by attentive management from experienced sponsorship and the location’s strong long-term fundamentals for what was a low leverage request, we were able to refinance with an extremely attractive rate for this cycle from one of our premier life company lenders.”
At Gantry, independent thinking is in our genes. As a privately held commercial mortgage banking firm, we take a thoughtful and intentional approach to everything we do. So, as our industry consolidates and becomes less personal, we push ourselves to ignore convention, to set a high standard and to always prioritize people ahead of profits. With over 30 of experience managing an $18 billion national servicing portfolio, our firm leverages a well-established correspondent-driven platform to construct the best financing solutions for our clients. For those seeking a partner that delivers more, we’re a little different. The right kind of different.
