Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $15 million permanent loan to refinance five buildings within the Rancho Vista Business Park in Vista, a North County suburb of San Diego. The multi-tenant industrial buildings total 182,000 square feet of rentable space. 

 

Gantry’s Stephan Coste, Senior Director, with the firm’s Irvine production office represented the borrower, a private real estate investor. The 10-year, non-recourse, fixed rate loan was provided by one of Gantry’s correspondent life company lenders at 30-year amortization. This loan had an annual partial principal paydown option and prepayment flexibility on the back half of the loan term at a very competitive interest rate spread. 

 

According to Gantry’s Stephan Coste, “Insurance companies continue to remain a ready source for short and long term fixed rate nonrecourse loans in the current market cycle. Our current market is showing signs of distress from regional banks in CMLs therefore insurance companies continue to be time-tested lenders that are prioritizing industrial & multifamily properties as a preferred asset class for their CML allocations. Vista is a mature industrial market popular with smaller space users and historically has a flex component built into their industrial business parks although this project is considered true industrial. In this assignment for a very experienced client, we reviewed the refinancing requirement and after a careful review of various programs and terms, the borrower selected this loan from a top-tier insurance company resulting in a non-recourse, attractive, fixed rate financing with prepayment flexibility for a continued legacy hold with substantial cash out proceeds to our client borrower.”