Gantry, a real estate firm, has successfully obtained two permanent loans totaling $15.1 million to strategically refinance a stable neighborhood retail center and pay off construction financing for an upcoming self-storage facility. The two properties involved in this transaction are the OC Point neighborhood retail center located at 19502 Molalla Ave in Oregon City, Oregon and the Nestory Park self-storage facility at 8750 N. 2nd Street in Machesney Park, Illinois.
Tom Dao (Principal) and Erinn Cooke (Senior Associate) from Gantry represented the borrower who is a private real estate investor. The OC Point property received a five-year fixed-rate loan of $9.1 million from a life insurance company with a 30-year amortization period for its stabilized neighborhood center that spans over an area of 35,000 square feet near Clackamas Community College.
According to Dao: “Gantry recognized the increased value of owning an established retail center as it provided us with enough equity to secure cash out which was necessary to adjust debt service on our pre-stabilized self-storage property seeking long-term financing.” As part of this deal, Nestory Park secured another five-year fixed-rate loan worth $6 million from another life insurance company featuring similar terms such as thirty years amortization period which helped retire their existing construction finance plan.
This news was originally reported by Connect CRE.
