Gantry secured a $27.8-million permanent loan to refinance the R3 by CLG apartment building located at 4091 Redwood Ave. in Marina del Rey. The 85-unit apartment building was originally delivered in 2016.
Principal Andy Bratt and associate Sean Kuang with Gantry’s Irvine production office secured the loan on behalf of the borrower. The five-year loan was ultimately secured through one of Gantry’s correspondent life company lenders. The non-recourse terms included full-term interest only, prepayment penalty flexibility, and provided significantly more proceeds than other capital sources by approaching the market in a creative way to accomplish Sponsorship’s goals.
Bratt said, “With an experienced sponsor at helm of a quality asset like R3, our team was able to survey this financing against life company, CMBS, bank, debt fund and agency options, ultimately identifying a financing that met a weighted average capital cost goal to support both asset management and legacy investment plans.”
