Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $9.65 million permanent loan to refinance maturing debt from the acquisition of a two-building, infill light industrial property located at 2290 De La Cruz Blvd in Santa Clara, one of Silicon Valley’s best performing submarkets. The property is 100%-leased in a long-term agreement to a national auto collision repair business. The property features a total of 37,600 square feet in two buildings, inclusive of a recently constructed 11,500-square-foot building addition.

Gantry’s Tony Kaufmann, Principal, and Jake Davis, Associate, with the firm’s San Francisco production office represented the borrower, a private real estate investor. The 10-year, fixed rate, non-recourse loan was secured from one of Gantry’s correspondent insurance company lenders with 30-year amortization. Gantry will service the loan for the lender.

According to Gantry’s Tony Kaufmann, “Gantry’s exclusive network of life company correspondent lenders continues to prioritize industrial property in strong infill submarkets like Santa Clara where high barriers to entry and sustained tenant demand support rents and occupancy. This is one of those unique properties in Silicon Valley, where similar building inventory available to non-tech or ai-related tenants is at a premium due to voracious tech user demand. After reviewing various options for the site, including redevelopment for tech related uses, an experienced sponsor saw the advantage of land banking the asset by expanding and renovating the existing light industrial buildings for non-tech uses.