Gantry secured a $12.7-million permanent loan to refinance a stabilized multi-tenant industrial building located at 2071 Ringwood Ave. in San Jose. Director Murphy Osborne and associate Alex Poulos with Gantry’s San Francisco production office represented the borrower, a private real estate investor.
The 10-year, non-recourse, fixed-rate loan was secured from one of Gantry’s correspondent insurance company lenders and features 25-year amortization. Gantry will service the loan.
Offering ready access to both I-880 and Silicon Valley’s local Montague Expressway, the 106,000-square-foot building features 22 dock high and two drive-in doors, 22-foot clear heights and a fenced truck yard. It also features 7,724 square feet of mezzanine and ground-floor office space.
Osborne said, “While the building’s condo overlay presented a unique complexity for underwriting, Gantry leveraged the property’s strategic infill location, stabilized tenant base, and strong metrics to position the property for the desired amortizing, permanent loan. After reviewing options, we locked at an attractive rate and closed on a loan optimized for a legacy hold strategy.”
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