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Gantry secures $28.3M loan to recapitalize NorCal industrial portfolio
The five-year, non-recourse floating-rate loan covers 531,000 square feet across three cross-collateralized, fully leased California properties.
Gantry has secured a $28.3 million loan to recapitalize a three-building industrial property portfolio in California’s Central Valley, according to ConnectCRE.
The cross-collateralized assets total 531,000 square feet and are located at 550 N. Pioneer Ave in Woodland, 9971 Horn Rd in Sacramento, and 401 South Granada Drive in Madera. The portfolio is 100% leased to industrial users.
ConnectCRE reports the loan is five-year, non-recourse, and floating rate, with full term interest only, provided by one of Gantry’s correspondent life company lenders. Gantry will service the loan for the lender.
Gantry’s Principal Tony Kaufmann said the cross-collateralized structure was designed to unlock value from the individual properties, and that the firm structured a core floating-rate program to target a strong rate in a volatile rate environment by retiring an existing recourse bank facility.