August 7, 2023
Gantry Retires Construction Debt for Self-Storage Facility in City of Antioch; Self Storage Properties Remain Favored Allocation for Full Spectrum of Lenders as Asset Class Matures
San Francisco, Calif. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $10.75 million permanent loan to retire construction financing for a new self-storage facility that is being managed by CubeSmart (NYSE: CUBE) at 1790 Vineyard Drive in the city of Antioch, an East Bay suburb of San Francisco. The Class A facility, newly constructed in 2020, encompasses 130,000 square feet of climate controlled and drive-up units.
Gantry’s Tom Dao, Principal, secured the loan on behalf of the borrower, a private real estate entity. The five-year loan met many of the borrower’s requested features, such as interest-only payments followed by 30-year amortization schedule, flexible pre-payment structure, and priced at an attractive fixed rate.
According to Gantry’s Tom Dao, “Self-storage remains one of the preferred asset classes for a wide range of our lenders. After Gantry reviewed this financing assignment across our full roster of correspondents and affiliated lenders, we identified a suitable lender to underwrite at a superior rate and for proceed level that met our borrower’s requirement. Self-storage continues to enjoy strong performance across its major markets, and Gantry has worked closely with our lenders for more than a decade to develop loan products with competitive features to meet borrower demands. This allows us to source the best financing options for construction takeout, acquisition, refinance, and development loans to optimize our sponsor’s asset specific investment strategy.”