Gantry Secures $223M for California Assets
Four life companies provided the loans, which encompass multifamily, self storage and other assets.
Domino Realty Management has received a combined $223 million in permanent mortgages for a seven-property, cross-sector portfolio across California. The encumbered properties include three multifamily communities totaling 1,140 units, a single-tenant retail asset, a 792-unit self storage facility, along with two ground lease holdings.
Gantry helped structure the long-term loans and will serve as the loan servicer for each individual loan. The financing package was originated through four of Gantry’s correspondent life insurance companies. The mortgage banking firm is also active in other sectors. In July, the company secured $120 million for nine self storage facilities throughout California, Oregon, Washington and Arizona. In August, Gantry arranged a $32.5 million refinancing package for a 220-bed student housing community dubbed Triton Court in Lynnwood, Wash.
A cross-sector portfolio
The owner has refinanced Park Regency Apartments, an 892-unit luxury property in Walnut Creek, Calif. The 1993-built asset at 3128 Oak Road features studios and one- and two-bedroom apartments, with floorplans averaging 754 square feet.
The second multifamily property is the 167-unit Concord Square Apartments in Reseda, Calif. Domino Realty Management acquired the asset at 18014 Sherman Way in 1984 for $4.9 million, according to Yardi Matrix data. The property comprises studios and one- and two-bedroom units with configurations between 465 and 789 square feet.
The final multifamily property is the smallest: NMS Warner Center totaling 81 units in downtown Warner Center, Calif. The property offers similar floorplans as the previous two, including three-bedroom apartments. Community amenities include a swimming pool, jacuzzi and fitness center.
The sole self storage facility, Sand Canyon Self Storage, is located on more than 9 acres at 28655 Oak Spring Canyon Road in Santa Clarita, Calif. The 96,666-square-foot property built in 2002 also offers 129 RV vehicle storage spaces. Based on Yardi Matrix data, the five-building facility last traded in 2005 when the current owner paid $7.9 million to Royal Clark Development.
Rounding out the portfolio is a fully leased retail property in Laguna Beach, Calif. The asset at 30922 S. Coast Highway is home to regional supermarket chain Gelson’s. The duo of ground lease holdings includes a nearly 15-acre parcel in Rancho Cucamonga, Calif., and a less than 2-acre lot within Century City, a master-planned district totaling 176 acres in Los Angeles.