Saginaw, TX – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $19.09 million of bridge financing for the acquisition of the Ashton Apartment Homes located at 681 N. Saginaw Blvd in the Dallas-Fort Worth Metroplex community of Saginaw, TX. Originally built in 1984, the 152-unit complex with 14 two-story buildings on 7.6 acres recently underwent a renovation of common area amenities prior to the acquisition. Plans for interior upgrades follow the completed acquisition, with loan proceeds earmarked for energy efficient and environmentally friendly unit renovations across the complex.

Gantry’s Andy Bratt, principal with the company’s Irvine, Calif. production office, secured the loan on behalf of the borrower, a private investor. The lender, a New York based alternative investment management company with more than $37 billion of diverse credit assets under management, provided a two-year bridge loan which includes three one-year extension options. Funding met sponsorship goals of pairing a timely 1031 exchange with a future funding component to provide the additional capital necessary to complete the value-add repositioning of the acquired property.

According to Gantry’s Andy Bratt, “Our client, an experienced sponsor in the multifamily sector, decided to deploy proceeds from a 1031 exchange into a new value-add investment. This made a short-term bridge loan appealing to complete the purchase of their up leg. This bridge loan funded the acquisition with proceeds available to commence with unit upgrades to fully modernize the property and increase rental income. Gantry focuses on tailoring the right debt capital solutions for our clients at all points in their investment cycle. Having worked with more than 140 unique funding sources in 2021 alone, we identify and present loan options for our clients from a roster of agency, life company bank, credit union, debt fund, and CMBS sources. In this instance, the bridge loan made sense for a value-add strategy and achieving near term goals for stabilized property enhancement.”