Property Type Mixed
Date May 22, 2017
The operator worked closely with Gantry to arrange the new first deed of trust, which was used to refinance existing debt, cover closing costs, and fund scheduled capital improvements.
DECEMBER 15, 2016
MONTEREY, CA – Gantry’s Robert Slatt and Jeff Wilcox, Principals, and Charlie Kokernak, Associate, arranged $61,000,000 in fixed-rate financing for The Monterey Plaza Hotel & Spa, a 290-room full service hotel. The premier establishment is located on Monterey’s Cannery Row on seven contiguous ground leased parcels. The operator worked closely with Gantry to arrange the new first deed of trust, which was used to refinance existing debt, cover closing costs, and fund scheduled capital improvements. The non-recourse financing solution was arranged from one of Gantry’s New York-based correspondent life insurance companies, and will be serviced throughout the remainder of its term by Gantry.
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.