SAN FRANCISCO–(–)–Gantry, Inc., the largest independent mortgage banking firm in the U.S., arranged financing for 28 separate transactions, totaling more than $175 million in debt over the past 30 days. The transaction volume encompasses commercial real estate assets across multifamily, mixed-use, retail, office and industrial property types.
“Despite the challenges presented by the coronavirus pandemic, Gantry production teams have worked tirelessly to create solutions for each unique borrower and loan situation. As a result, our firm has been consistent in closing at least a deal per day since the pandemic started,” said Michael Heagerty, Principal and Chief Financial Officer of Gantry. “The market is adjusting and responding in these tough times. That is encouraging to see and gives us hope for brighter days in the weeks and months to come.”
One of the deal highlights is a $40-million permanent financing for the Ainsworth & Dunn Building and 10 Clay Apartments, a mixed-use property in Seattle. Gantry’s Mike Taylor and Mike Wood arranged the loan for the 62-unit apartment building with commercial and office tenants through a life insurance company.
Another example of the types of deals closed in the multifamily asset category was a $12-million construction to permanent loan for the Nesbit Apartments in Seattle. Gantry’s Brian Bonipart arranged the loan through a regional bank for the 68-unit property in a transit corridor of Seattle.
In the retail property category, Gantry’s Blake Hering arranged a $15-million acquisition loan for the Vancouver Village on NE Thurston Way in Vancouver, WA. Financing for the 104,466 square-foot asset was funded by a life company.
“The extraordinary turbulence in the public markets is being amplified by the unknown economic impact from the COVID-19 coronavirus situation,” Heagerty said. “Borrowers who need to transact due to either maturing debt or acquisition requirements are having to work through a disjointed marketplace. We are helping our clients navigate this new world and find advantageous solutions despite the turmoil. We are encouraged by the lenders who have been able to stand behind their commitments and close despite the market uncertainty.”
Category highlights for this period include 10 multifamily financing deals totaling $44.2 million, six retail financings totaling $32 million, two mixed-use loans totaling $46.4 million, three office loans totaling nearly $20 million, six industrial loans totaling $27 million, as well as a $5-million marina transaction.
Leading into this period, Gantry finalized the acquisition of Norris, Beggs & Simpson’s commercial real estate mortgage banking group, which included production and servicing offices in Portland, OR and Seattle, WA. With this addition, Gantry’s combined production for 2019 exceeded $4 billion in loan volume.
Gantry, a privately-held company based in San Francisco, is a full-service commercial mortgage banking firm. Established in 1991 as Newmark Realty Capital, Gantry is staffed by 90 employees in its regional offices. Gantry is the correspondent/servicer on behalf of a roster of the leading life insurance, CMBS and Agency lenders in the nation, placing more than $4 billion per year in loans. Gantry’s national servicing platform exceeds $16 billion, representing over 2,000 loans located in 40 states. Gantry is rated as a Primary Servicer by Standard & Poor’s and is one of a select few non-banking/non-insurance-chartered companies with this designation.