Gantry, the largest commercial mortgage banking firm in the U.S., has secured a $13.7 permanent loan to retire maturing construction debt for the Gabilan Creek Apartments located at 1487 Constitution Blvd in Salinas, the largest city in Monterey County. Delivered in February 2025, the 50-unit garden style community features one to four-bedroom floorplans within a gated three-building community. Class A finishes and amenities include hardwood flooring in living areas, plush carpeted bedrooms, modern appliances, in-unit washer/dryer, secured arrival gate, security patrols and covered carports.

The property is located within the master plan for Creek Bridge Village shopping center, offering convenient access to the center’s Safeway grocery and wide array of other retail concepts including restaurants, entertainment, health and wellness, dental, beauty and professional services. Gabilan Creek is also strategically located near Natividad Medical Center with ready access to the 101 freeway, the region’s major transit corridor.

Gantry’s Tom Dao, Principal, and Erinn Cooke, Senior Associate, with the firm’s San Francisco production office represented the borrower, a private real estate investor. The 35-year, fixed rate loan was secured via HUD and features prepay flexibility after year ten.

According to Gantry’s Tom Dao, “For projects that can accommodate a longer closing timeline, HUD financing is often one of the best options for multifamily borrowers—delivering maximum proceeds at a low fixed rate in a non-recourse, permanent debt structure. While these loans can be more complex to underwrite and typically require a longer closing process, Gantry continues to successfully place HUD permanent loans for a growing number of clients in the current cycle. At Gantry, we leverage our ability to source financing across banks, agencies, insurance companies, and HUD to identify the solution that best aligns with a borrower’s objectives—whether that’s the lowest rate, maximum proceeds, a flexible structure, non-recourse terms, and/or the lowest monthly payments.  In the right circumstances, we can achieve them all.