Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured an $11 million permanent loan to retire construction financing for an ExtraSpace managed facility located at 90 Fallon Road in Hollister, a key agriculture zone and outdoor recreation area and one of the fastest growing cities in the Monterey Bay region. The modern property offers 630-units with a mix of climate-controlled units in a centralized building, and an extensive range of ground-level drive up and interior non-climate-controlled units. The property features gated entry, enhanced security, and ready access to key regional transportation corridors via Highway 25 and State Route 156.

Gantry’s Tom Dao, Principal, and Jake Davis, Associate, with the firm’s San Francisco production office represented the borrower, a private real estate investor. The three-year, fixed rate loan features 30-year amortization. Gantry will service the loan for the lender.

According to Gantry’s Tom Dao, “Gantry’s network of life company correspondents remains a ready source for competitive financing on self-storage properties in all phases of the asset lifecycle. Our approach in Hollister was to secure a stable, fixed-rate permanent loan that completely retired the construction and provided room for an additional loan amount while rents continue to stabilize. This option retired expensive construction financing with attractively priced fixed rate debt reflecting current DSCR and an earnout provision guaranteeing maximum proceeds once anticipated performance milestones are reached as the asset moves towards full stabilization.”