MAY 22, 2018

NEWPORT BEACH, CA – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $22 million in bridge financing for Hunter’s Cove Apartments in Waxahachie, Texas. Located right off the I-35E, less than 30 miles south of Dallas, the subject property features eight 3-story, class-A apartment buildings comprising of 192-units ranging from 1 to 3 bedrooms.

Andy Bratt, Principal, along with Spencer Seibring, Associate, of Gantry’s Newport Beach office, worked closely with the sponsor in arranging the 2-year term with Greystone at 80% loan to purchase price. In addition, Gantry’s and Greystone’s HUD group are simultaneously processing the HUD 233(f) permanent financing, which is anticipated to close within the next six months.

“We were engaged by our repeat sponsor to arrange bridge to HUD financing on this acquisition. The sponsors entered into a 1031 Exchange with the loan request for max proceeds and term. Greystone was able to offer the best overall structure on both the 2-year floating rate bridge loan as well as the 35-year fixed HUD loan, which is set to close later this year.”

Andy Bratt, Principal

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 70 employees in regional offices throughout the western United States. The company’s national servicing platform of $10 billion represents over 1,300 loans located in 40 states. 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.