Gantry has completed a $109,000,000 restructure of four loans on a 785 unit multifamily portfolio located in the Western United States. Gantry was exclusively engaged because of its expertise in apartment lending, loan servicing and workouts. The advisory assignment was headed up by George Mitsanas and Michael Taylor. The Gantry team also included Peter Hillakas and Patrick Taylor. The loans were originated at the height of the market by a portfolio lender specializing in short term bridge loans and were set to mature over the next year. With the capital markets in deep distress the Sponsors realized the properties would be impossible to refinance at maturity. The rental rate decreases and increased concessions prevented them from exercising extension options without a significant re-margining of the loans. While specific terms were not publicly disclosed, Gantry successfully restructured the four loans and provided the Sponsors the additional time, relief and flexibility to complete their investment plan and allow for the market to rebound. Both the Sponsors and the Lender were able to find a solution to ride out todays challenging capital markets. With offices in Los Angeles, San Francisco, Sacramento, Seattle, Phoenix, Irvine, and Las Vegas, Gantry is a full service mortgage banking firm with a strong lineup of correspondent lenders, utilizing Gantry’s production, closing and servicing capabilities. Established in November 1991, Gantry is currently staffed by over 50 employees in seven regional offices throughout the western United States. The company services over $5 billion with nearly 800 loans. Gantry has been rated as a Primary Servicer by Standard and Poor’s and is one of a select few non-banking / non-insurance chartered companies with this designation. Additional information on Gantry can be found at www.e-Gantry.com. For more information on this transaction please contact George Mitsanas at (310) 846-5299, Michael Taylor at (206) 816-6816 or Michael Heagerty at (415) 956-9854.