JULY 16, 2019

PHOENIX, AZ – Gantry, the largest independent commercial mortgage banking firm in the U.S., has arranged $15,920,000 in financing for Las Casitas apartment homes in Avondale, AZ. The 168-unit multifamily property is conveniently located near Interstate 10, which allows residents easy access to Loop 101, Loop 303, the new Loop 202 expansion and downtown Phoenix. The floor plans of the community feature one, two, and three bedroom units, with the average unit size being over 900 sf.

Adam Parker, Principal, and Chad Metzger, Associate VP, of Gantry’s Phoenix office, arranged the 7-year, fixed-rate acquisition loan through an agency lender. The loan includes interest-only payments, followed by a 30-year amortization and some added prepayment flexibility in the last two years of the loan. The sponsor, 29th Street Capital, intends to invest more than $2.1M in capital improvements, which includes: improving interiors, community clubhouse, pool area, dog park, and other amenities.

“Over the past 5 years, I’ve arranged 10 loans for 29^th Street Capital. During that span, they have repeatedly executed their value-add business plan and proven that they intimately understand the Phoenix marketplace as well as value-add multifamily investments,” said Adam Parker.

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 $12 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.