Gantry has arranged permanent financing in the amount of $50,000,000 for the refinance of four unsubordinated ground leases located in Foster City, California.

George Mitsanas and Tim Storey, Principals of Gantry worked on an exclusive basis with the borrower to arrange the 20 year term, fixed rate, non-recourse structured financing with a correspondent life company. The loan will be serviced by Gantry. Pricing and terms were not disclosed.

The subject loan is secured by the fee interest in four separate parcels of land totaling 14.2 acres and located in the master-planned development known as Metro Center. The four parcels are home to multiple Class A office buildings, a Safeway anchored shopping center and a Wells Fargo bank branch. Metro Center is considered to be one of the Peninsula’s premier office addresses.

According to Mr. Mitsanas, “Gantry has a lot of experience in arranging financing for ground lease deals. We have financed both the fee and leasehold interests for major office parks like Metro, hotels, apartments, regional malls and unique income property facilities.” According to Mr. Storey, “A number of major life companies expressed interest in our assignment. We ultimately went with the life company who stepped up and provided both flexibility and excellent terms.”

With offices in Los Angeles, San Francisco, Phoenix, Sacramento, Seattle, Irvine and Las Vegas, 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 November 1991, Gantry is currently staffed by over 50 employees in seven regional offices throughout the western United States. The company services over $6 billion with nearly 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.

For more information on this transaction, please contact George Mitsanas at 310-846-5299, Tim Storey at 602-374-7854 or Michael Heagerty at 415-956-9854.