September 15, 2020
Gantry secured $8,170,000 in financing for a recently-renovated 14-unit multifamily property and a six-unit multifamily property. Both assets are located in South Pasadena and at loan close the properties were 100% occupied.
Gantry’s Peter Hillakas, Senior Director, and Andrew Curtis, Associate, represented the borrower in securing the seven-year, interest-only loan through an agency lender. The permanent loan includes a 30-year amortization.
Gantry’s Hillakas said, “The sponsor, focused on what it does well, that being value-add apartment investing and development in Southern California. The firm’s success at making improvements to these two garden-style apartments in a high-barrier market like South Pasadena was recognized by lenders.”
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