Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $10.7 million construction loan for the development of La Vida at Solstice, a sister project of the recently completed La Vida at 1100 townhome community in North Tucson.
Gantry’s Tim Storey, Principal, and Chad Metzger, Senior Associate, with the firm’s Phoenix production office represented the borrower, a private Arizona-based real estate investor. The bank secured financing includes a three-year construction loan with interest-only terms, with the option to transition to a permanent loan with prepay flexibility for an additional two years, if desired, at 30-year amortization.
According to Gantry’s Tim Storey, “This is an extremely experienced developer with a homegrown Arizona origin story. After the completion of their first phase of development in Tucson with the delivery of the La Vida at 1100 community, they are moving forward with a second phase of multifamily development that has been on the books and planned to commence for some time. Due to volatility in the capital markets this year, financing for this project required a reset from initial plans. Fresh equity required us to go back the market to find the best fixed rate option to finance construction and, if opportunistic, hold through lease up. Lender confidence in the sponsor, asset quality, and strong local market fundamentals helped us identify several quality options for the funding. Ultimately, we placed the loan with a regional bank that provided a flexible construction to permanent structure at an attractive fixed rate with interest only terms through construction and prepayment options if desired. This loan hit on every point of the client’s business plan.”
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 $23 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.
