Gantry arranged a $110 million permanent loan refinancing on behalf of Bixby Capital Management for a six-asset portfolio. The collateral includes five single-tenant industrial properties located across Southern California and Texas submarkets, along with Bixby’s headquarters office building in Newport Beach. According to the parties, all six properties in the portfolio are fully leased.
The refinancing replaces existing debt with a new long-term structure designed to match Bixby’s portfolio strategy. The loan carries a 12-year term and is fixed-rate and non-recourse, providing stable, predictable debt service over the life of the financing. In addition, the loan is structured with full-term interest-only payments, enhancing cash flow for the borrower during the entire term.
Gantry sourced the financing from one of its long-standing correspondent insurance company lenders. While the lender was not identified by name, the correspondent relationship reflects the role that insurance companies continue to play as providers of permanent debt for stabilized commercial real estate assets. Gantry will also service the loan on an ongoing basis, maintaining its position between the borrower and the lender.
The transaction was led out of Gantry’s Irvine production office. Senior director Stephan Coste, principal Andy Bratt and associate Nick Severson represented Bixby Capital Management in securing the loan. Their assignment included evaluating a wide range of financing alternatives, with more than 40 potential options reviewed before the final capital source and structure were selected.
The loan’s structure provides Bixby with flexibility to manage the six-asset portfolio over time. The collateral package is tailored to allow the company to adjust its holdings while maintaining the long-term financing in place, supporting Bixby’s broader portfolio objectives. This approach is aligned with the fully leased, single-tenant industrial assets and the headquarters office building that make up the collateral.
Gantry’s commentary on the transaction emphasized that correspondent insurance company lenders continue to offer reliable permanent financing solutions across cycles. In this case, the chosen structure was intended to maximize proceeds within the parameters of a high-quality, fully leased portfolio while preserving future portfolio management flexibility for the borrower.
