Eric Von Berg of Gantry obtained three forward commitments totaling $13.2 million from Genworth Financial, one of Gantry’s life insurance correspondent lenders. The commitments allowed the owner to lock in the interest rate today at below 6.0% for fundings 12 to 15 months in the future. The loans could not fund today due to high prepayment penalties and/ or defeasance requirements in the existing loans. The new loans are secured by three class B apartment complexes in Hayward and Fremont built in the 1960’s and 1970’s. The underwriting is based on 75% LTV, with minimum debt service coverage of 1.20X. On all three deals, the rate was locked for the entire 13-year loan terms with amortization at 30-years. Gantry will service the loans on behalf of its correspondent lender. The loans will be funded and held by a portfolio lender that values its long term relationships with its borrower clients. With access to numerous permanent and bridge financing sources, Gantry originates and services loans for its correspondent lenders and other insurance companies, pension funds, Wall Street conduits and commercial banks which are considered among the strongest and most active institutions in the real estate capital markets. With offices in San Francisco, Los Angeles, Sacramento, Seattle, Irvine, Phoenix, and Las Vegas, Gantry is a privately held, full-service commercial mortgage banking firm that provides financing for income-producing properties. Gantry originates and services loans for its correspondent lenders and other insurance companies, pension funds, Wall Street conduits, and commercial banks which are considered among the strongest and most active institutions in the real estate capital markets. For more information on this transaction please contact Eric Von Berg at (415) 956-9922, Tom Dao (415) 956-9858, and Michael Heagerty (415) 956 9854.