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10 GSA’s in Michigan, Ohio, & Florida

Los Angeles, CA





January 19, 2016



Gantry has secured permanent financing in the amount of $44,500,000 for the refinance of ten properties housing various government agencies in Michigan, Ohio, and Florida. George Mitsanas, Braden Turnbull, and Amit Tyagi worked on an exclusive basis, on behalf of the borrower, to arrange the 10 year term, fixed rate, non-recourse financing through a CMBS loan execution. Loan proceeds were sufficient to refinance the properties’ existing debt together with substantially recapturing the borrower’s equity. Gantry will subservice the loan.

Developed on a build-to-suit basis, all of the ten properties are leased to the General Services Administration (“GSA”) and house federal agencies including the Social Security Administration, Internal Revenue Service, Immigration and Customs Enforcement, and Border Patrol. While the GSA’s US government credit is highly sought after in the capital markets, GSA lease financing presents significant financing challenges relating to special purpose improvements, secondary and tertiary market locations, high loan-basis and lease termination provisions among other issues.   By structuring the subject financing to diversify these risks across a diverse portfolio of properties the borrower was able to achieve maximum loan proceeds together with an amortization that extends over 10 years beyond the portfolio’s weighted average lease maturity.

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