Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $9.5 million permanent loan to refinance a pair of self storage assets totaling 1,279 units. The Store Here-branded facilities are located at 2432 Riverside Drive and 4924 Mercer University Drive in Macon, GA. Both facilities are stabilized and operate under common management and ownership.

Gantry’s Andy Bratt, Principal, Amit Tyagi, Principal, and Sean Kuang, Associate, with Gantry’s Orange County and Los Angeles (El Segundo) production offices represented the borrower, a private real estate investor. The five-year, fixed rate loan was provided by a credit union from Gantry’s extensive roster of commercial mortgage lenders, with 30-year amortization and favorable pre-payment flexibility.

According to Gantry’s Andy Bratt, “Gantry’s depth of experience financing self storage assets in various phases of their lifecycle has allowed us to develop an extensive roster of lenders with prioritized allocations to this specialized asset class. We were able to competitively shop this loan across a full spectrum of competing insurance company, CMBS, bank, and debt fund options before landing on a credit union execution that was able to maximize proceeds at the most attractive rate with significant pre-payment flexibility.”

According to Gantry’s Amit Tyagi, “Self storage as an asset class has remained resilient for years, but has experienced some recent challenges against the backdrop of a tumultuous cycle for CRE. These are two quality facilities owned and operated by a quality Sponsor, but located in a market that many lenders consider outside of their target. Gantry’s close relationships with a large roster of lenders and deep understanding of self storage came together on this transaction to help make it a success. Our team’s ability to demonstrate local market fundamentals, highlight asset performance, and articulate sponsor strength/experience made the difference in finding the appropriate blend of maximizing loan proceeds at a competitive interest rate with generous pre-payment flexibility.”