Gantry arranged the refinancing for SOMA Self Storage with a fixed rate loan. SOMA Self Storage is a best-in-class, self-storage facility. The property consists of 1,288 storage units, in a 7-story tower with a basement. The operation is managed by SKS Management, a top tier self-storage management company. SOMA Storage locked in a low rate in January 2015, and closed the refinancing loan on May 1st, when its maturing loan was open for prepayment. The lender was an insurance-company lender that uses Gantry as its loan correspondent. This type of forward rate lock was especially beneficial in times of interest rate volatility. Gantry will be servicing this loan on behalf of the lender; this role provides the borrower a constant servicing relationship with a mortgage banking firm who has built an expertise in the self-storage industry.

The strength of this transaction was based on strong location, sponsorship, performance and excellent property management. The origination team at Gantry consisted of Eric Von Berg, Principal, and Tom Dao, Associate, who provided certainty of execution through a smooth underwriting, due diligence and closing process. “Tom and Eric were instrumental in helping us take advantage of favorable market conditions to refinance our property with a terrific lender at very attractive terms. We were very happy with the loan process,” commented Alastair Mactaggart, general partner of SOMA Self Storage and a Principal at Emerald Fund. 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 1991, Gantry is currently staffed by over 60 employees in regional offices throughout the western United States. The company services over $8 billion representing 1,000 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 Eric Von Berg at (415) 956-9922 or Michael Heagerty at (415) 956-9854.