Gantry has secured $18 million to refinance two branded, Southern California self-storage facilities, including a recently constructed facility in Miramar and totaling 1,634 rentable units. The single, cross-collateralized financing retired construction debt for the facility in Miramar and refinanced a pending maturity for a fully stabilized asset in Simi Valley.
Principal Peter Welsh and senior director Bahman Mirhashemi, with the firm’s Los Angeles and Irvine production offices, respectively, represented the borrower, a private investment sponsor. The 10-year life company loan features an attractive fixed rate with 30-year amortization.
Mirhashemi said, “For this pair of self-storage facilities, we had two pending loan maturities for assets at different points in their life cycles. Our client, an experienced private self storage operator, was coming in at low leverage with a clear, long term asset management plan for each property. By cross collateralizing the recently completed facility still in the stabilization phase with a fully stabilized asset, we were able to refinance both assets with one of our life company correspondent lenders.”
