Gantry has secured an $11-million permanent loan to finance the acquisition of two class A office buildings located at 1902 and 1903 Wright Pl. in Carlsbad totaling approximately 100,000 square feet. Principal Andy Bratt and associate Sean Kuang with Gantry’s Irvine production office represented the borrower, a private real estate investor.
The seven-year non-recourse loan was secured via one of Gantry’s insurance company lenders. It features an initial three-year interest-only period followed by 25-year amortization with a step-down prepayment penalty.
Bratt said, “There is no question that office continues to be the most challenging asset class to finance post-pandemic. However, the office market continues to evolve. Gantry is successfully underwriting office loan requests through its extensive network of life insurance companies.”
In particular, he added, “The Wright Place buildings exemplify an experienced sponsor acquiring performing assets at conservative leverage that meets conservative underwriting criteria.”
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