Gantry has successfully obtained an $8 million permanent loan to refinance existing debt for a self-storage facility in the South Loop area. The property, located at 605 S. Wabash Avenue, was previously a parking structure and has been converted into a 95,000-square-foot facility with 1,184 units spread across five-stories. Under new onsite management as an Extra Space Storage location, the property is quickly achieving stability through strategic management.
Principal Andy Bratt and associate Sean Kuang of Gantry secured the loan on behalf of their client – a private real estate investor. The five-year fixed-rate loan was acquired from an insurance company with favorable terms including initial interest-only payments and no recourse or stepdown prepayment penalties.
According to Bratt: “The self-storage industry has experienced significant growth over the past decade and is now considered an institutional asset class attracting sophisticated capital.” Gantry is a privately held mortgage banking firm headquartered in San Francisco that offers full-service solutions since its establishment in 1991.
