Gantry has secured a $110-million permanent loan to refinance a six-property portfolio for Bixby Capital Management. The portfolio includes five single-tenant industrial assets in Southern California and Texas submarkets and Bixby’s headquarters office building in Newport Beach. All six assets are 100% leased.
Senior director Stephan Coste, principal Andy Bratt and associate Nick Severson of Gantry’s Irvine production office, represented the borrower. The 12-year, fixed-rate, non-recourse loan was secured from one of Gantry’s long-time correspondent insurance company lenders and features full-term interest-only. Gantry will service the loan.
The loan’s flexible structure gives Bixby the freedom to adjust its portfolio over time while keeping its long-term financing in place. Tailored collateral flexibility supports Bixby’s long-term portfolio strategy.
Coste said, “Insurance company correspondents remain a time-tested source of permanent debt in any cycle. We evaluated more than 40 options to find the right structure and the right partner to maximize proceeds for this high-quality, fully leased portfolio.”
The post Gantry Arranges $110M Refi for Bixby Capital Portfolio appeared first on Connect CRE.
