Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $12 million, non-recourse, interest only loan to refinance the Storelocal Brentwood facility located at 681 Old Hickory Blvd in Brentwood, Tenn., an affluent suburb located just south of Nashville known for its upscale residential neighborhoods, excellent public schools, and high quality of life. The four-story, 87,100-square-foot facility sits on 2.8-acres and offers 755 climate-controlled units. The modern Class A storage facility was completed in 2020 and has further upside to capture through additional rent growth and market absorption.

Gantry’s Andy Bratt, Principal, and Sean Kuang, Associate, with the firm’s Irvine production office represented the borrower, a fully integrated commercial real estate investment and management company specializing in self-storage assets. The three-year, fixed rate, non-recourse loan was secured from a debt fund and features full-term interest only, with prepayment open in year three providing flexibility for a future sale or refinance in better market conditions.

According to Gantry’s Andy Bratt, “This was a unique transaction involving a stunning, newly constructed facility located on a major thoroughfare. Like many assets in today’s market, it faced delays in reaching full economic stabilization. However, both the property and the broader market are well-positioned for continued growth, benefiting from improving supply and demand dynamics. Working closely with the sponsor, Gantry structured a financing solution to retire the existing loan and recapitalize the property with interest-only payments to support near-term cash flow. The new loan also provides maximum flexibility, allowing for a sale or refinance in year three with no prepayment penalty. This is a highly desirable asset that, under the sponsor’s experienced management, is poised to outperform the market.”