Gantry, a full-service mortgage banking firm headquartered in San Francisco, has successfully secured an $8 million permanent loan for the refinancing of a self-storage facility in Chicago’s South Loop. The property, located at 605 S. Wabash Avenue and converted from a former parking structure, spans 95,000 square feet and features 1,184 units across five stories.
The borrower of the loan is a private real estate investor represented by Gantry’s principal Andy Bratt and associate Sean Kuang. The five-year fixed-rate loan was obtained from an insurance company with favorable terms such as initial interest-only payments and no recourse or stepdown prepayment penalties.
According to Bratt: “In recent years, the self-storage industry has attracted sophisticated capital and become recognized as an institutional asset class.” With this successful transaction under its belt,Gantry continues to solidify its position as one of the leading players in commercial real estate financing since its establishment in 1991.
