Gantry has successfully secured a $19-million permanent loan to refinance the acquisition costs of three single-tenant industrial properties, totaling 155,000 square feet. These properties are located in California’s San Fernando Valley and Grand Prairie, TX – a suburb of Dallas/Fort Worth.
The borrower, a private real estate firm represented by Principal George Mitsanas and Senior Director Bahman Mirhashemi from Gantry’s Los Angeles production office along with Associate Keegan Bridges. The five-year fixed-rate loan was placed with one of Gantry’s correspondent insurance lenders and will be serviced by them.
According to Mirhashemi, “This transaction involved an experienced sponsor who had acquired three assets in the past two years – two of which were completely vacant at the time… By cross-collateralizing these assets into one permanent loan at an attractive rate for long-term ownership purposes, we were able to provide significant value for our client. Additionally, this allowed our client to repatriate approximately $3 million in equity that can now be used towards future investments or investor returns.”
