Gantry has arranged $45 million in financing for Palo Alto Commons and Avant, a Class A senior community in Palo Alto, Calif. The deal serves as a refinancing of a 2012 HUD construction loan arranged by the same firm. Walker & Dunlop provided the seven-year Freddie Mac loan.
Built in 1990, Palo Alto Commons is located at 4075 El Camino Way and offers assisted living services. The Avant, constructed in 2012 and situated on the neighboring parcel at 401 El Camino Way, was built as the independent living extension of the former. The community is nearby Robles Park and next to the El Camino Real retail and entertainment corridor.
The 142-unit, three-story Palo Alto Commons provides studio, one-bedroom and two-bedroom apartments with balconies and high-end fixtures. The property includes traditional assisted living and memory care services. The Avant offers 45 units and community amenities, such as 24-hour trained staff, a fitness center, an indoor pool and concierge service.
The Gantry team working on behalf of the borrower included Jeff Wilcox and Charlie Kokernak. Earlier this year, the company also arranged Freddie Mac refinancing for a 203-unit community in suburban Portland, Ore.