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Gantry secures $9.65M to refinance Santa Clara light industrial asset
The 10-year fixed, non-recourse loan carries 30-year amortization and covers two buildings totaling 37,600 square feet.
Gantry secured a $9.65 million permanent loan to refinance maturing debt tied to the acquisition of a two-building infill light industrial property at 2290 De La Cruz Blvd in Santa Clara, according to ConnectCRE.
The loan is structured as 10-year fixed rate with non-recourse terms and 30-year amortization, provided by one of Gantry’s correspondent insurance company lenders, with Gantry set to service the debt for the lender.
The property spans 37,600 square feet across two buildings, including an 11,500-square-foot building addition, and is 100% leased under a long-term agreement to a national auto collision repair business.
In comments carried by ConnectCRE, Gantry principal Tony Kaufmann said the sponsor viewed land banking through expansion and renovation of the existing light industrial buildings for non-tech uses as advantageous after weighing options including redevelopment for tech-related purposes.