July 2, 2020 Comments Off on Gantry Arranges $17M for Pair of Bay Area Assets Views: 491 Bay Area, California News

Gantry Arranges $17M for Pair of Bay Area Assets

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Gantry secured $17 million in financing for two Bay Area properties, including a self-storage facility in Oakley and a mixed-use building in Redwood City. Tom Dao, Senior Director in Gantry’s San Francisco office, arranged both transactions.

The larger of the two was $9.5 million in permanent financing arranged for the 654-unit self-storage facility (pictured) that reached stabilization in February 2020. Dao worked with the borrower on an exclusive basis in arranging the fixed-rate financing with a correspondent life insurance company. The financing provided an earn out feature, which allowed the borrower to receive additional funding upon meeting a certain agreed upon income threshold.

Dao also secured $7.5 million in permanent financing for a downtown mixed-use building in Redwood City. The office over retail property was 100% occupied at the time of closing. The fixed-rate financing from a correspondent life insurance company provided an earn out feature, which allowed the borrower to receive additional funds for future leasing activities.

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