Gantry secured a $15-million permanent loan for the acquisition of North Canyons Business Center at 3025-3095 Independence Dr. in Livermore. The six-building business park encompasses 105,000 square feet, with tenants operating in both industrial and office formats. Plans for repositioning the asset include increasing industrial use ratios at the property and an active leasing program.
Principal Tony Kaufmann and associate Joe Foley with Gantry’s San Francisco production office represented the borrower, a private real estate investor. The 10-year, fixed rate loan was structured as a high-leverage hybrid between a perm and bridge loan.
The loan was structured with one of Gantry’s correspondent insurance company lenders, with an interest-only period transitioning to 30-year amortization. Gantry will service the loan.
Kaufmann said the loan “not only provided a long-term, fixed rate for stability but also ample proceeds with an interest-only period to support planned improvements and leasing. Industrial remains a favored asset class for our lenders and we continue to secure attractive loans in the space.”
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