Olive Hill Group acquired the office buildings for $65.6 million in May 2016 and recently launched a major redevelopment and rebranding of the property to The Courtyard at Culver Pointe. The redevelopment will include upgraded seating areas throughout the courtyard, food truck loading zones, a bocce ball court, and a new on-site gym facility, among others.

“The Courtyard at Culver Pointe’s prime location, strong occupancy, and quality tenant mix made this an attractive property to finance,” explains Gantry’s Amit Tyagi. “The challenge, however, was identifying a lender that understood the asset’s long-term investment potential. Lenders typically look for consistency in historical operating statements and had initial reservations with the recent ramp up in net operating income.”

To combat this challenge, Gantry, together with Olive Hill Group, leveraged their local market expertise to prove that the current rent levels were sustainable and on-par with market values. In addition, Gantry prepared a pro-forma outlook and provided a number of rental comps to justify the projected rents that the property would achieve upon completion of the extensive renovations.

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 60 employees in regional offices throughout the western United States. The company services nearly $10 billion representing over 1,100 loans located throughout the country. 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.