Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a loan modification with improved loan terms reflecting property stabilization at the boutique luxury 801 Pearl class A apartments located at 801 Pearl Street in the heart of La Jolla Village.
The modification assignment followed Gantry’s role securing construction financing in 2022 and construction take-out financing in 2024.
The recently completed, two-story complex features a mix of 26-units in studio, 1-bedroom and 2-bedroom floorplans and includes approximately 3,400 square feet of street level commercial space.
Gantry’s George Mitsanas, Principal, and Doug Tisdale, Director, with the firm’s Los Angeles (El Segundo) production office represented the borrower, a private real estate investor. The loan modification and reset three-year term was negotiated with one of Gantry’s correspondent insurance company lenders and features interest only terms and prepayment flexibility. Gantry will service the loan.
According to Gantry’s Doug Tisdale, “With the apartments stabilized and the commercial tenant now in occupancy and paying rent for the ground floor space, our client sought to pay down a portion of the existing interest-only, variable rate loan tied to SOFR from $14.4 million to $13.5 million to secure a lower interest rate from the current lender. Leveraging our strong relationship with our insurance company correspondent, Gantry crafted a loan modification that met the borrower’s objectives of using a loan paydown to lower the interest rate given the stabilized nature of the asset while extending some of the original, favorable loan terms.”
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 national servicing portfolio approaching $24 billion, 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.
