Gantry arranged a $25-million permanent loan to refinance a stabilized, 160-unit Cupertino senior housing community. Principals Mitch Zeemont, Jeff Willcox and Robert Slatt and senior associate Erinn Cooke represented the borrower, a private real estate investor.
The 10-year, fixed-rate loan on the 55-plus independent living property was provided by one of Gantry’s insurance company correspondents and features 30-year amortization. Gantry will service the loan.
Zeemont said, “While age-restricted properties can be more challenging to finance than open format assets, Gantry’s long-standing relationships with our insurance company correspondent lenders allows us to offer access to top-tier permanent financing for high quality and performing properties in this specialized vertical. After working through a competitive survey of potential lenders, we were able to successfully underwrite a permanent loan at an attractive fixed rate for a continued long-term legacy hold with one of our top insurance company correspondents.”
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