Gantry secured a total of $17.6 million in permanent loans to refinance a pair of Bay Area self-storage facilities. The life company financings funded the sponsor at $9.5 million for SAF Keep San Ramon and $8.1 million for SAF Keep Hayward, which totals 244,605 square feet of rentable space.
Principal Tom Dao and associate Erinn Cooke with Gantry’s dedicated Self Storage Financing Team secured the financing on behalf of the borrower, a private real estate entity. The 10-year loans were sourced from one of Gantry’s correspondent life company lenders and features an attractive fixed rate locked at application with 30-year amortization.
Dao said, “We locked in the rates when the U.S. Treasury indices were in the in the low- to mid-3% range and closed six months later, when the indices had increased by nearly 1%. Once the rates were locked, rate risk was off the table, and we focused on loan closing.”
