Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured an $86 million loan to refinance a nine-property portfolio of Midgard Self Storage assets located in diverse Georgia, Florida, and North Carolina markets. The portfolio includes a mix of new construction, expansions and value-add properties; all still in the process of lease up and stabilization. The portfolio represents approximately 5,975 total units encompassing approximately 701,206 net rentable square feet.

Gantry’s Andy Bratt, Principal, Amit Tyagi, Principal, and Sean Kuang, Associate, with the firm’s Southern California-based National Self Storage production team represented the borrower, Reliant Real Estate Management. The variable rate bridge loan was secured through one of Gantry’s life company lenders and features full-term interest only, a replenished interest reserve and includes extension options.

According to Gantry’s Andy Bratt, “This portfolio of Midgard Self Storage assets continues to chart a course towards full stabilization. Gantry approached a wide range of lenders and carefully reviewed viable loan programs. Ultimately, a life company bridge loan with the necessary runway to support reaching stabilization targets emerged as the best option.”

Gantry’s Amit Tyagi added, “Gantry’s roster of life company relationships remains a critical resource for our self storage clients. Our experience underwriting the asset class combined with growing allocations from most life companies has once again proven to be a powerful combination leading to another successful financing. While a shift in demand dynamics over the past few years in the self storage marketplace has put additional pressure on most transactions, having a strong Sponsor and a seasoned capital markets advisor is still the right equation.  Bridge loans like this keep properties on track and are an excellent option for owners seeking financing in advance of full stabilization.”