JULY 30, 2019

PHOENIX, AZ – Gantry, the largest independent commercial mortgage banking firm in the U.S., has arranged $5,600,000 in financing for a 108,000 square foot office property located in Phoenix. Situated within seven buildings, in a park-like setting, the property enjoys tremendous visibility, signage, and frontage along Interstate 10, just south of the Sky Harbor International Airport. In addition, the collateral includes an 18,300 square foot, multi-tenant office building located in East Mesa.  The properties were cross-collateralized and at closing they were 83% and 100% occupied, respectively.

Tim Storey, Principal, in Gantry’s Phoenix office, worked with the borrower in arranging the 10-year term, non-recourse financing with one of its lending relationships. The loan provided the borrower with funds to acquire and refinance the office property in Mesa. According to Mr. Storey, “There were a couple of challenges to this transaction, most notably, the submarket for the Phoenix project and the historical occupancy made it challenging for a number of lenders. However, any concerns regarding those challenges were mitigated by the equity and the low loan per square foot.”

Gantry, a privately held company based in San Francisco, is a full service mortgage banking firm with an extensive lineup of correspondent lenders utilizing Gantry’s production, closing and servicing capabilities. Established in 1991, Gantry is currently staffed by over 70 employees in regional offices throughout the western United States. The company’s national servicing platform of $12 billion represents over 1,300 loans located in 40 states. Gantry is rated as a Primary Servicer by Standard & Poor’s and is one of a select few non-banking/non-insurance chartered companies with this designation.