Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $27.8 million permanent loan to refinance the R3 by CLG apartment building located in Marina del Rey near Los Angeles.
The 85-unit apartment building was originally delivered in 2016, and since that time has remained a highly amenitized, Class A address in the heart of one of Los Angeles’ most popular coastal districts with ready access to Venice, Santa Monica, Manhattan Beach, and the Westside of Los Angeles.
Gantry’s Andy Bratt, Principal, and Sean Kuang, Associate, with the firm’s Irvine production office secured the loan on behalf of the borrower. The five-year loan was ultimately secured through one of Gantry’s correspondent life company lenders, with non-recourse terms including full-term interest only, prepayment penalty flexibility, and provided significantly more proceeds than other capital sources by approaching the market in a creative way to accomplish Sponsorship’s goals.
According to Gantry’s Andy Bratt, “Multifamily currently enjoys the widest range of lenders competing for loans in the asset class. Gantry’s ability to create a marketplace that includes 100’s of options to identify the optimal loan program adds even more value in a refinancing environment like this. With an experienced sponsor at helm of a quality asset like R3, our team was able to survey this financing against life company, CMBS, bank, debt fund and Agency options, ultimately identifying a financing that met a weighted average capital cost goal to support both asset management and legacy investment plans. By understanding our Correspondent Life Insurance Company’s capital needs, we were successful in creating a program to stretch the lender’s underwriting standards in order to provide more proceeds than the Agencies and minimize the cash in on an asset and submarket they believe in.”
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.
