Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $14 million permanent loan to refinance a near term maturity for a student housing property located at 2715 Dwight Way in Berkeley, within walking distance of the UC Berkeley campus. The property offers a total of 109-beds in 29-units featuring 2-, 3- and 4-bedroom floorplans with modern kitchens, in-unit washer/dryer, hardwood flooring and furnished units.

Gantry’s Tom Dao, Principal, Alex Poulos, Associate, and Toby Judge, Associate, with the firm’s San Francisco production office represented the borrower, a private real estate investor. The five-year, fixed rate, non-recourse loan was secured from Amalgamated Bank with terms including introductory interest only transitioning to 30-year amortization, prepayment flexibility, and extension options if desired.

According to Gantry’s Tom Dao, “The demand for student housing remains strong, particularly in submarkets serving top universities like UC Berkeley. However, financing for these alternative assets can be challenging because operating metrics do not always comfortably align with traditional loan programs at many institutions. In Valiance Capital, we had a borrower whose deep institutional knowledge of the Berkeley student housing market and proven operating platform gave lenders confidence that few other sponsors could. A review of Gantry’s extensive roster of lenders able to underwrite these assets surveyed against specifics important to 2715 Dwight’s sponsorship ultimately identified Amalgamated Bank as the best source for a permanent loan.  Our representation of the market’s supply and demand – combined with Valiance’s track record managing over 1,250 beds across 20-plus properties in the submarket—was key to convincing the Bank that this was the right deal.”