Gantry secured a $9.65-million permanent loan to refinance maturing debt from the acquisition of a two-building, infill light industrial property located at 2290 De La Cruz Blvd in Santa Clara. Principal Tony Kaufmann and associate Jake Davis with Gantry’s San Francisco production office represented the borrower, a private real estate investor.
The 10-year, fixed rate, non-recourse loan was secured from one of Gantry’s correspondent insurance company lenders with 30-year amortization. Gantry will service the loan for the lender.
The property is 100%-leased in a long-term agreement to a national auto collision repair business. The property totals 37,600 square feet across two buildings, including a recently constructed 11,500-square-foot building addition.
Kaufmann said, “This is one of those unique properties in Silicon Valley, where similar building inventory available to non-tech or AI-related tenants is at a premium due to voracious tech user demand. After reviewing various options for the site, including redevelopment for tech-related uses, an experienced sponsor saw the advantage of land banking the asset by expanding and renovating the existing light industrial buildings for non-tech uses.”
The post Silicon Valley Light Industrial Refinanced for $10M appeared first on Connect CRE.
