Los Angeles, CA
January 16, 2024
Customized Redevelopment Project 100% Leased Under Long-Term Agreement with GSA for New Executive Office of Immigration Review Facility; Gantry’s Loan Producers Experts in Underwriting Construction-to-Permanent Credit Tenant Lease Development Financings
Los Angeles, Calif. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $28.5 million construction-to-permanent loan for the re-development of an existing office building 100% pre-leased by the GSA as a new facility for the Executive Office of Immigration Review, a subsidiary agency of the U.S. Department of Justice. The 66,000 square-foot office building, located at 5245 Pacific Concourse Drive in Los Angeles, is strategically planned to deliver a modern facility tailored for use by the agency.
Gantry’s Mark Ritchie, Principal, Amit Tyagi, Principal, and Alicia Sabanero, Associate, with the firm’s Los Angeles (El Segundo) office represented the borrower, a private real estate company. The multi-decade construction-to-permanent loan was provided by one of Gantry’s correspondent life company lenders with a long-term fixed interest rate.
According to Gantry’s Mark Ritchie, “Gantry has pioneered many financing structures available today in the commercial real estate markets. Our teams have been particularly successful in underwriting construction-to-permanent loans for critical public projects leveraging Credit Tenant Lease agreements with a variety of rated entities throughout the U.S. This new immigration court facility for the Executive Office of Immigration Review will provide a modern environment for the workflow of this ever-relevant agency. Gantry’s track record in this space provided the client with a high level of comfort we could deliver these favorable terms in a highly volatile market. Gantry crafted some unique structures allowing the borrower multiple pre-payment periods over the term, allowing for an early exit of the loan if ever desired."