Property Type Multi-Family
Date January 18, 2016
Gantry has successfully completed the refinancing of two multi-family communities in Wilmington, Delaware and Chula Vista, California with fixed rate permanent financing totaling $21,400,000.
Gantry has successfully completed the refinancing of two multi-family communities in Wilmington, Delaware and Chula Vista, California with fixed rate permanent financing totaling $21,400,000. The Village at Fox Point in Wilmington, Delaware is a 447 unit apartment community originally built in 1949 and substantially renovated and upgraded over the past 10 years. The low density complex consists of 58 two-story buildings on approximately 42 acres of gently sloping hillside overlooking the Delaware River. Rolling Hills Gardens Apartments is a 116 unit senior apartment complex located in the Rolling Hills Ranch master planned community in eastern Chula Vista, California. Both properties were previously financed by Peter G. Welsh, a Managing Principal of Gantry with a correspondent life insurance company. The current assignment included negotiating a discounted prepayment premium with the existing lender and obtaining new 10 year financing. New financing was placed with FNMA through Gantry.s correspondent Walker & Dunlop, LLC. Both loans funded in less than 30 days from the date of the loan application and rate lock. 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 $5 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 Peter Welsh at (310) 846-5298 or Michael Heagerty at (415) 956-9854.