Six Building Portfolio
December 29, 2017
Gantry, the largest independent commercial mortgage banking firm in the western U.S., has secured $51.8 million in new financing for six Los Angeles multifamily properties. The portfolio is located in the University Park, Hollywood, Westlake and Korea Town submarkets.
“This portfolio was a diverse mix of property types and location requiring significant underwriting to assess its collective value,” said George Mitsanas, principal with Gantry. “We were able to generate significant interest from the institutional lending community due to excellent sponsorship, each assets’ strategic location and the strong fundamentals of the Los Angeles apartment housing market.”
George Mitsanas, principal, Peter Hillakas, vice president, and Chandler Hogue, associate, with Gantry’s Los Angeles production office worked with the borrower to arrange the 10-year, non-recourse financing through one of Gantry’s correspondent life company lenders. Other terms were not disclosed. Gantry will also service the loan.
“We originate and service multifamily loans for a wide variety of institutional national lenders, including insurance companies, banks, agencies, and pension funds. Throughout the years we have arranged construction and permanent loans nationwide. A number of our financing vehicles are higher leveraged participating loans or joint ventures. In certain situations, the agencies offer the best terms but in most deals, we are able to provide a competitive structure and pricing that will win the deal. Nevertheless, Gantry has tremendous experience in financing multifamily projects of all sizes, product type and leverage points,” said George Mitsanas.