Gantry has secured $40 million of financing to acquire four self storage facilities as the upleg for a strategic 1031 exchange. The portfolio includes three Storelocal Self Storage locations in Tennessee and a U.S. Storage Center in Florida, comprising 286,000 rentable square feet total. To optimize each financing, Gantry assembled the assets through individual acquisitions requiring unique loans with permanent, bridge and hybrid structures.
Andy Bratt and Amit Tyagi from Gantry secured all four fixed rate loans on behalf of the borrower – a multi-generational private family – from their roster of correspondent life company lenders; two were 7-year/12-year permanent loans with significant interest only periods while two were bridge loans featuring extension options and an interest only period as well.
