Jeff Wilcox, a Vice President in Gantry’s San Francisco office, has arranged $42,000,000 in construction and permanent financing for Palo Alto Commons, a premier Assisted Living facility in Palo Alto. The new financing replaced existing debt on the property and provided construction funds for the development of a new, 44 unit, 90 bed expansion wing. The financing was secured through HUD’s LEAN 232 Substantial Rehabilitation Program. It was underwritten and sourced through Prudential Huntoon Paige, LLC. The $42MM loan is one of the largest Substantial Rehabilitation financing facilities ever completed.

“It was a long process, but in the end, the terms of the deal were the best in the market. The combination of a sophisticated Borrower and a very experienced Lender made the process extremely smooth. It will be exciting to see the new building go up as there is a great demand for senior housing in Palo Alto.”
-Jeff Wilcox, Vice President of Gantry
Terms of the transaction were not disclosed.

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 1991, Gantry is currently staffed by over 50 employees in regional offices throughout the western United States. The company services over $6 billion representing 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.