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 multifamily project. The Class A development will consist of 268 market-rate units and will be located at 200 E. First American Way in Santa Ana, conveniently situated near the 55/405 freeway interchange.
The financing was obtained through three separate lenders by Gantry’s 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 high-quality project, Gantry’s production team worked closely with three correspondent life company lenders to underwrite a complex financing package consisting of multiple tranches. Throughout both construction and permanent phases, Gantry will service all three loans.
According to Mitsanas: “Projects like Legado at the Met require a creative approach when it comes to securing capital sources that can accurately fund them until completion.” He further added that due to current market conditions in commercial finance being volatile, their team had collaborated with long-standing insurance company correspondents who were able provide concurrent loans totaling $128 million tailored specifically towards meeting their client’s capital requirements.
This successful transaction is yet another testament to Gantry’s expertise in navigating complex financings for its clients while delivering optimal results despite challenging market conditions.
