**Gantry Secures $48.9M HUD Loan for Silvergate Apartments in Brentwood**
Gantry has successfully arranged a $48.9 million permanent loan to retire construction debt on the newly developed Silvergate Apartments, located at 1290 Business Center Drive in Brentwood, California.
The financing was secured through a 35-year, fixed-rate, non-recourse loan via a HUD lending program. Representing the borrower—a private real estate investor—were Gantry’s San Francisco-based professionals, Principal Tom Dao and Senior Associate Erinn Cooke.
“This is a superlative property developed as a legacy hold asset by an experienced and well-capitalized sponsor, making a HUD loan a viable structure to maximize proceeds and secure an optimized rate,” said Dao. “After reviewing comparative options early in the process, it became apparent that the HUD program best aligned with the sponsor’s long-term-hold investment plans.”
Dao also highlighted the team’s ability to close the transaction during a government shutdown, noting, “The fact our team was able to close seamlessly on a government agency loan in the midst of the current government shutdown is a testament to starting any refinance process early and closely monitoring all relevant milestones through to funding.”
