Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $110 million permanent loan to refinance a six-property portfolio for Bixby Capital Management (Bixby), a Platinum sponsor.

The portfolio includes five single-tenant industrial assets in Southern California and Texas submarkets and Bixby’s headquarters office building in Newport Beach. All six assets are 100% leased.

Gantry’s Stephan Coste, Senior Director, Andy Bratt, Principal, and Nick Severson, Associate, of the firm’s Irvine production office, represented the borrower.

The 12-year, fixed-rate, non-recourse loan was secured from one of Gantry’s long-time correspondent insurance company lenders and features full-term interest-only. Gantry will service the loan on behalf of its correspondent lender.

The loan’s flexible structure gives Bixby the freedom to adjust its portfolio over time while keeping its long-term financing in place. Tailored collateral flexibility supports Bixby’s long-term portfolio strategy.

Gantry’s Stephan Coste said, “Insurance company correspondents remain a time-tested source of permanent debt in any cycle. We evaluated more than 40 options to find the right structure and the right partner to maximize proceeds for this high-quality, fully leased portfolio.”

Gantry’s Andy Bratt added, “Bixby locked its rate early with one of our most trusted correspondents, a decision that proved prescient amid current volatility. With a 12-year fixed rate, non-recourse terms and full-term interest-only, Bixby strengthens its cash flow, frees up capital for its next strategic initiatives and gains flexibility to manage the portfolio as its plans evolve. It’s a win-win for Bixby and our correspondent.”

Properties included in the financing:

• Industrial: 201 Bell Ave, Tustin, CA

• Industrial: 5665 Corporate Ave, Cypress, CA

• Industrial: 1601 Fairway Drive, Colton, CA

• Industrial: 951 E. Pleasant Run, Lancaster, TX

• Industrial: 6807 Elroy Rd, Austin, TX

• Office: 1501 Quail St, Newport Beach, CA