Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a total of $18.3 million in two permanent loans for the Spinnaker Pointe Apartments in Milpitas (near San Jose) and Crossroads Village Apartments in Fremont, California.
Spinnaker Pointe was built in 1989 and features 220 units across three stories. Floorplans include 1-bed/1-bath, 2-bed/1-bath, and 2-bed/2-bath options ranging in size from 720 to 960 square feet. The property is located at 231 Dixon Landing Road in Milpitas.
Crossroads Village was built in 1986 and features 300 units across two stories. Floorplans include studio/1-bath, 1-bed/1-bath, and 2-bed/2-bath options ranging in size from 430 to 900 square feet. The property is located at 39438 Stratton Commons in Fremont.
The two properties total 540 units, fully stabilized and professionally managed. The borrower requested for ultimate flexibility: no prepayment fees after the first 12-months from loan closing with rates in the mid 5% range, non-recourse terms, and a turnkey loan closing.
Gantry’s Tom Dao, Principal, and Erinn Cooke, Senior Associate, represented the borrower, a private real estate investor. The two five-year loans were provided by one of Gantry’s correspondent life company lenders, and feature 30-year amortization.
According to Gantry Principal Tom Dao, “It was a pleasure working on this assignment when the borrower’s objectives and the lender’s objectives were aligned: The lender wanted conservative underwriting which the borrower was willing to agree to and the borrower wanted ultimate flexibility which the lender was willing to comply due to the limited underwriting risks. It’s not every day that we find such a great match, but we have a big roster of correspondent lenders to accommodate each borrower’s unique requests. In other assignments, the assets may be more transitional, and the borrower may request for higher leverage. We can do that, too. We don’t subscribe to ‘one size fits all’. Every transaction has a special story, and we are pretty good at telling that story.”
At Gantry, independent thinking is in our genes. As a privately held firm, we take an 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 years of experience of loan production and managing a $20 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.
