Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $12.7 million permanent loan to refinance a stabilized multi-tenant industrial building located at 2071 Ringwood Ave in San Jose, a strategic infill location with ready access to both I-880 and Silicon Valley’s local Montague Expressway. The 106,000-square-foot building sits on 7.82-acres, and features 22 dock high and 2 drive-in doors, 22-foot clear heights, and a fenced truck yard. The property also features 7,724 square feet of mezzanine and ground-floor office space including a conference room. 

Gantry’s Murphy Osborne, Director, and Alex Poulos, Associate, with the firm’s San Francisco production office represented the borrow, a private real estate investor. The 10-year, non-recourse, fixed rate loan was secured from one of Gantry’s correspondent insurance company lenders and features 25-year amortization. Gantry will service the loan.

According to Gantry’s Murphy Osborne, “Industrial property remains one of the most preferred asset types for lenders, including Gantry’s extensive roster of correspondent insurance companies. The sustained improvement of benchmark treasury yields with spreads coming in since mid-summer has made longer-term permanent debt appealing again for many owners refinancing maturing debt and refreshing their capital stack. While the building’s condo overlay presented a unique complexity for underwriting, Gantry leveraged the property’s strategic infill location, stabilized tenant base, and strong metrics to position the property for the desired amortizing, permanent loan. After reviewing options, we locked at an attractive rate and closed on a loan optimized for a legacy hold strategy.”