Gantry, a leading commercial real estate finance firm, has successfully secured $128 million in construction-to-permanent financing for the development of Legado at the Met. The Class A multifamily project, located at 200 E. First American Way in Santa Ana near major freeways and across from First American Title’s headquarters, will consist of 268 market-rate units.
The financing was obtained through three separate lenders by Gantry principals George Mitsanas and Amit Tyagi from their El Segundo production office on behalf of borrower Legado Companies. In order to maximize loan-to-cost proceeds while staying within budget for this complex project, Gantry’s production team worked with three correspondent life company lenders to underwrite concurrent loans totaling $128 million. These loans will be serviced by Gantry during both the construction phase and after conversion to permanent loans.
According to Mitsanas: “Projects like Legado at the Met require a creative approach when it comes to securing funding that accurately reflects their complexity and meets our client’s capital requirements.” He further explains that working with multiple insurance company correspondents allowed them to optimize loan structures in today’s volatile commercial finance market.
This successful transaction highlights Gantry’s expertise in navigating challenging projects such as this one while providing expert financial solutions tailored specifically for each client’s needs.
