Gantry Secures $18.9M for Three Self-Storage Facilities

Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a total of $18.9 million of permanent loans for three self-storage facilities. The SAF Keep branded properties represent a total of 2,654 units, with two facilities located in Los Angeles and one in Milpitas, Calif. The loan terms were structured with exact non-recourse provisions, generous prepayment windows, ease of execution, and competitive rates.  

Gantry’s Tom Dao, Principal, and Erinn Cooke, Senior Associate, represented the borrower, a private real estate investor. The three 10-year loans were provided by one of Gantry’s correspondent life company lenders, and feature 30-year amortization.

According to Gantry Principal Tom Dao, “We started this process by developing a relationship in which the borrower was able to work with an accommodating lender who came to recognize and appreciate the strength of the assets and the sponsors.  Then we developed the structure that met both the borrower’s legacy investment objectives and the lender’s allocation requirements. The strong relationship that Gantry developed for our client with one of our longtime insurance correspondents was key to closing all three unique financings smoothly. Self-storage as an asset class remains a targeted allocation for most permanent debt lenders, and Gantry’s developed expertise financing these assets with our extensive roster of insurance company correspondents fosters very attractive outcomes in an evolving rate climate from one of the cycle’s most attractive capital sources.”