Gantry has secured a $28.3 million loan to recapitalize a three-building portfolio of industrial properties located in California’s Central Valley. The cross-collateralized properties encompass a total of 531,000 square feet and are located at 550 N. Pioneer Ave in Woodland, 9971 Horn Rd in Sacramento, and 401 South Granada Drive, Madera. The portfolio is 100% leased to a diverse lineup of industrial users.
Principal Tony Kaufmann and associate Toby Judge with Gantry’s San Francisco production office represented the borrower, a private real estate investor. The five-year, non-recourse, floating rate loan was provided by one of Gantry’s correspondent life company lenders and includes full term interest only. Gantry will service the loan for the lender.
Kaufmann said, “This trio of quality assets was uniquely positioned to unlock substantial value from the individual properties in a cross-collateralized loan. In effort to achieve a strong rate in today’s volatile rate climate, we were able to structure a core floating rate program from one of Gantry’s life company correspondents that retired an existing recourse bank facility.”