Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $10 million permanent loan to refinance maturing debt for a self-storage facility located at 46-004 Kawa St in Kaneohe on the island of Oahu. The modern, two-story, climate-controlled facility features 698-units encompassing 50,135 rentable square feet, managed by Public Storage. Positioned on Kamehameha Highway, the facility offers excellent access via nearby Interstate H-3, linking the location to Honolulu and Joint Base Pearl Harbor-Hickam. The local self-storage market is highly supply-constrained, with low vacancy fundamentals and no new self-storage development on the horizon.

Gantry’s Robert Slatt, Principal, and Alex Poulos, Associate with the firm’s San Francisco production office represented the borrower, a private real estate investor. The five-year, fixed rate loan was secured from a top regional bank serving the Hawaiian Islands and features full term interest only.

According to Gantry’s Robert Slatt, “Gantry has developed a depth of experience underwriting self-storage debt across a broad roster of lenders, allowing us to generate competitive options for client assignments in the asset class. Leveraging this asset’s conservative debt load, solid performance, and strong long-term market fundamentals we were able to review a range of options aligned with sponsorship’s investment plans for a legacy hold. Ultimately, we negotiated and closed on an optimized loan for this exceptional property with one of Hawaii’s top regional banks, structured to refinance maturing CMBS debt in a timely execution with a cash out component and full-term interest only.”