Gantry Secures $25M in Loans for Bay Area Facilities
Securian Financial Group and StanCorp Financial Group provided the financing.
Gantry has secured two permanent, construction take-out loans, totaling $25.4 million, for self storage facilities located in the Bay Area. The two separately owned properties were pre-stabilization at the time of the financing.
According to Yardi Matrix data, the SAF Keep property in San Jose, Calif., owned by SKS Management, received a 12.2 million loan, with a maturity date set for 2032, provided by Securian Financial Group. The loan is part of a portfolio transaction that includes another facility in Fremont, Calif.
The same data provider shows that the StoreLocal facility in Hercules, Calif., owned by The Claremont Cos., received a $13.2 million loan, originated by StanCorp Financial Group.
Principal Tom Dao, alongside Associate Erinn Cooke with Gantry’s San Francisco office, completed the financing on behalf of the borrowers.
Last year, Gantry secured loans for a variety of self storage portfolios. Trojan Storage landed $130 million for six properties in California, Oregon and Washington, while Storage Corner Group received permanent financing for two Utah assets.
SAF Keep is a Class A facility, encompassing 88,403 rentable square feet. The one-story building features units ranging from 25 to 400 square feet. On-site amenities include gated access, video surveillance, packing and moving supplies and free carry-in service. The property is located at 1700 Junction Court, next to Interstate 880, just 5.5 miles from downtown San Jose. The facility is one of the 30 available within a 3-mile radius, offering residents 12 rentable square feet per capita.
The Class A facility StoreLocal encompasses 98,323 rentable square feet and sits on 7 acres. The four three-story buildings feature climate and non-climate-controlled units, ranging from 25 to 525 square feet. On-site amenities include 24-hour video surveillance, gated access, boxes and supplies, as well as carts and dollies. The property is located at 1444 Willow Ave., with access to Interstate 80 and 19 miles from Oakland. The facility is one of the four available within a 3-mile radius, offering residents 2.5 rentable square feet per capita.
There are currently 34 properties in the Bay Area in various stages of development, set to add approximately 3 million square feet to the existing inventory, Yardi Matrix data shows.