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**Gantry Secures $12.7M Refinance Loan for San Jose Industrial Property**
Gantry has successfully arranged a $12.7 million permanent loan to refinance a stabilized multi-tenant industrial building located at 2071 Ringwood Avenue in San Jose, California. The financing was facilitated by Murphy Osborne, Director, and Alex Poulos, Associate, from Gantry’s San Francisco production office, on behalf of a private real estate investor.
The non-recourse, fixed-rate loan features a 10-year term with 25-year amortization and was provided by one of Gantry’s correspondent insurance company lenders. Gantry will also service the loan.
The 106,000-square-foot industrial facility offers immediate access to I-880 and Silicon Valley’s Montague Expressway. Property features include 22 dock-high doors, two drive-in doors, 22-foot clear heights, a fenced truck yard, and 7,724 square feet of combined mezzanine and ground-floor office space.
Addressing a unique aspect of the property, Osborne noted, “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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