Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $48.9 million permanent loan to retire construction financing for the successful development of the Silvergate Apartments at 1290 Business Ctr Dr, Brentwood, an East Bay suburb in Contra Costa County. The class A, garden-style property was developed as luxury, market rate rental housing with 14 buildings on nearly five-acres offering 166-units including both two- and one-bedroom floorplans. Luxury site amenities include resort style clubhouse with pool, fitness center, fenced dog run, playground, gated access, assigned parking, with apartments featuring market-leading square footage, vinyl plank flooring throughout, stainless steel appliances, in-unit washer/dryer, walk-in closets and detached walls for privacy. 

Gantry’s Tom Dao, Principal, and Erinn Cooke, Senior Associate, with Gantry’s San Francisco production office represented the borrower, a private real estate investor. The 35-year, fixed rate, non-recourse loan was secured via a HUD program.

According to Gantry’s Tom Dao, “This is a superlative property developed as a legacy hold asset by an experienced and well capitalized sponsor, making a HUD loan a viable structure to maximize proceeds and secure an optimized rate. After reviewing comparative options early in the process, it became apparent that the HUD program best aligned with the sponsor’s long term hold investment plans. The fact our team was able to close seamlessly on a government agency loan in the midst of the current government shutdown is a testament to starting any refinance process early and closely monitoring all relevant milestones through to funding.”  

One of the principal owners, Ryan Lorenzini, added, “We started the process a year ago during a challenging period when we had to recapitalize our property amid a multitude of uncertainties. But we were confident in the quality asset we built in a strong neighborhood like Brentwood, and we believe this is a solid investment. Now, with the financing secured, we are certain this will be a home run. Tom and the Gantry team expertly guided us through this lengthy loan process, and the result was worth it.”