Property Type Retail
Financing Type Permanent
Date January 13, 2023
Owner of Office and Retail Properties in Premier California Communities refinances Properties on Loan Maturity Date; Bank Lender Funds New Permanent Loan at Attractive Rate and Terms
Los Angeles, Calif. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $20 million of financing for a cross-collateralized, two-property, mixed-asset portfolio located in high-profile California submarkets. The first property features two suburban office buildings totaling 25,500 square feet, located on State St. in Santa Barbara, Calif. The second property is a 12,500-square-foot, street-fronting retail property located on Colorado Blvd. in the heart of the Old Town District of Pasadena, Calif. The multi-tenant portfolio includes notable tenants: fashion retailer Zara in Pasadena and Chase Bank in Santa Barbara.
Gantry’s Mark Ritchie, Principal, Amit Tyagi, Senior Director, and Alicia Sabanero, Associate, with the firm’s El Segundo (Los Angeles) production office secured the permanent loan for the borrower, a private real estate investor. The 15-year loan encompassing both assets was provided by one of Gantry’s regional bank lender relationships and begins with a five-year interest only period, followed by 25-year amortization for the remainder of the term.
According to Gantry’s Mark Ritchie, “This financing had a fair number of moving parts in an extremely volatile interest rate market. Gantry was tasked with crafting a “Goldilocks” solution. As structured, the fifteen-year loan met our highly qualified and experienced sponsor’s long-term hold objectives at an attractive rate.”