October 26, 2020
Gantry secured a $45,000,000 loan for Palo Alto Commons and Avant, a senior living facility in Palo Alto, CA. The Class A facility encompasses Palo Alto Commons, a 142-unit assisted living facility constructed in 1990, and Avant, a 45-unit independent living facility constructed in 2012.
Gantry’s Jeff Wilcox and Charlie Kokernak represented the borrower on an exclusive basis on the refinancing. The seven-year loan was arranged through Freddie Mac via Gantry’s correspondent relationship with Walker & Dunlop.
“Despite the challenging COVID market, we were able to secure terrific financing terms that will benefit the owners and the property for the next seven years,” says Gantry’s Wilcox, who noted that this was a refinance of a construction loan he executed with HUD in 2012.
Palo Alto Commons is a three-story wood frame facility that provides traditional assisted living services as well as higher acuity memory care services. Avant compliments the operations of Palo Alto Commons.
For comments, questions or concerns, please contact Dennis Kaiser