Plaza on Main
June 22, 2017
Gantry has arranged $16,000,000 in permanent financing for Plaza on Main located in Alhambra, CA. The six-story, 110-unit multifamily property with 8,600 SF of ground floor retail is situated directly on Main Street in downtown Alhambra. The property features access to numerous retail and entertainment options within walking distance including Target, Costco, Edwards Theater, and LA Fitness.
George Mitsanas, Principal, and Josh Natker, Associate, arranged the fixed-rate financing for the borrower. The 10-year loan was placed with one of Gantry’s correspondent life insurance company lenders using general account funds. The structured transaction involved numerous hurdles including a tax abatement regulatory agreement, bond encumbrance, and an age restricted covenant.