Legado at the Met
Santa Ana, CA
January 25, 2024
Legado at the Met Rising in Santa Ana Near Key Intersection of the 55/405 Freeways in Heart of Region’s Top Professional Hub; Gantry Producers Experts in Sourcing and Accurately Underwriting Construction Financing in Traditional and Construction-to-Permanent Structures
Santa Ana, Calif. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $128 million of construction-to-permanent financing in three tranches, from three separate lenders, for the development of the Legado at the Met multifamily project. The 268-unit, market rate, Class A development will rise at 200 E. First American Way in Santa Ana near the 55/405 freeway interchange, across from First American Title’s HQ. This strategic location is at the confluence of Orange County’s top professional submarkets, Irvine and South Coast Metro.
Gantry’s George Mitsanas, Principal, and Amit Tyagi, Principal, with the firm’s Los Angeles (El Segundo) production office secured the financing on behalf of the borrower, Legado Companies. Gantry’s production team underwrote the complex financing in three tranches with three of the firm’s correspondent life company lenders to maximize LTC proceeds. Gantry will service all three loans during construction and once converted to permanent loans.
According to Gantry’s George Mitsanas, “Projects like Legado at the Met are complicated and require a creative approach to finding the right mix of capital sources to fund them accurately to fruition. So we could maximize construction and permanent capital proceeds meeting a realistic budget for this Class A build, our team worked with three of our long-standing insurance company correspondents to underwrite concurrent loans totaling $128 million. These loans were optimized to our client’s capital requirements in what has remained a volatile commercial finance market. Because of Gantry’s strong, time-tested relationships with our roster of correspondent lenders, we confidently introduced this experienced sponsor to several capital sources, ultimately landing on this creative structure to co-fund what is a superlative, Class A development serving one of Orange County’s premier professional and lifestyle submarkets. This was not an off the shelf financing structure by any means. Without our deep long standing lender relationships, I firmly believe this transaction would have never come together. Truly a team effort!”