The 1860 Apartments
Los Feliz, CA
March 29, 2021
Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a total of $35 million in construction-to-permanent financing for The 1860 Apartments, an 87-unit multifamily development with 6,000 square feet of ground floor retail located in the Los Feliz submarket of Los Angeles, CA. The five-story development will be located on the southeast corner of Franklin & Western and slated to deliver in Q4 2022.
Gantry’s George Mitsanas, Peter Hillakas and Andrew Curtis with the firm’s Los Angeles office identified and structured the loan on behalf of the Borrower. The 7-year loan was placed through one of Gantry’s correspondent life insurance companies, with terms featuring interest only during the construction loan period followed by a 30-year amortization at a very competitive interest rate. The loan features an earn-out component for a total debt capitalization of $35 million. Gantry will be the loan servicer. Gantry also advised the sponsor on the placement of a mezzanine loan.
According to Gantry Principal, George Mitsanas, “This is an exceptionally well-located project with a rock-solid development team. We have arranged billions of dollars in construction to permanent loans over the years, but we are especially proud to have put this one together during the height of the Covid-19 pandemic. Hopefully, no facial masks will be required during the 2022 grand opening ceremony!”