February 7, 2020
Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $106,000,000 in construction-to-permanent financing for a 141,000-square-foot medical office building fully leased by the U.S. Veteran’s Administration in San Diego, CA.
Gantry’s Peter Hillakas and George H. Mitsanas with Gantry’s Los Angeles office arranged the financing from a correspondent pension fund. Both the construction and permanent loans will be serviced by Gantry.
Specific terms of the financing were not disclosed. However, construction to permanent loans have become quite advantageous in today’s market climate as a hybrid product allowing borrowers to construct and deliver under one set of terms in a climate of historically low interest rates.
According to Gantry’s Hillakas, “Our combined construction financing and credit tenant lease expertise allowed us to structure a deal where the long-term financing risk was eliminated while still maintain flexibility during construction.”
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