Gantry, a leading commercial real estate firm, has successfully secured a $4.3-million permanent loan to refinance the Parkside La Palma Apartments in Anaheim. The property, located at 1000 E La Palma Ave and originally built in 1973, features 79 units with studio, one-bedroom and two-bedroom floorplans.
The borrower was represented by Gantry’s experienced team of Principal George Mitsanas, Director Stefan Malmlund and Associate Keegan Bridges from their Los Angeles and Irvine offices. They were able to secure a competitive 10-year fixed-rate loan from one of Gantry’s life company correspondent lenders with favorable terms including a 20-year amortization schedule and prepayment options.
According to Malmlund: “Despite some challenges due to the property’s vintage status, we were able to showcase its strong underwriting metrics as well as the value created by attentive management from experienced sponsorship.” He also highlighted the location’s long-term fundamentals which made it an attractive investment opportunity for their client.
This successful refinancing deal is yet another testament to Gantry’s expertise in securing financing for commercial properties across various markets.
