Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $15 million permanent loan for the acquisition of North Canyons Business Center at 3025-3095 Independence Drive in Livermore. The six-building business park encompasses 105,000 square feet featuring tenants operating in both industrial and office formats. Plans for repositioning the asset include increasing industrial use ratios at the property and an active leasing program.

Gantry’s Tony Kaufmann, Principal, and Joe Foley, Associate, with the firm’s San Francisco production office represented the borrower, a private real estate investor. The ten-year, fixed rate loan was structured as a high-leverage hybrid between a perm and bridge loan. The loan was structured with one of Gantry’s correspondent insurance company lenders, with an interest only period transitioning to 30-year amortization. Gantry will service the loan.

According to Gantry’s Tony Kaufmann, “This loan was for an experienced sponsor with plans to acquire an attractive, multi-tenant flex asset in a prime Bay Area submarket. We structured as a hybrid between a perm and bridge loan so that the borrower could achieve a maximum loan-to-value for its acquisition. We were able to review the loan request with our roster of insurance company correspondents, ultimately securing a 10-year loan that not only provided a long term, fixed rate for stability but also ample proceeds with an interest only period to support planned improvements and leasing. Industrial remains a favored asset class for our lenders and we continue to secure attractive loans in the space.”