Gantry, a commercial mortgage banking firm, recently secured an $11-million permanent loan to refinance two industrial properties in Santa Clara and San Jose. The properties include a single-tenant industrial building at 1941 Ringwood Ave. in San Jose and a flex-industrial building at 3175 De La Cruz Blvd. in Santa Clara, totaling 78,250 square feet.
The borrower for this transaction was represented by Director Murphy Osborne and associate Alex Poulos from Gantry’s San Francisco production office. They worked with a private real estate investor to secure the loan from one of Gantry’s correspondent life company lenders on fixed terms for ten years with prepayment flexibility and 25-year amortization.
According to Osborne, the greater Bay Area region continues to be an attractive market for insurance company lenders looking into performing industrial properties as investments. In this case, cross-collateralizing both assets – one being highly stable with only one tenant while the other is multi-tenant – allowed them to obtain an optimized blended rate on behalf of their client from one of their top correspondents.”
