Gantry Secures $10M Refi for Storage Asset
The new mortgage retires an $8.1 million construction note originated by Bank of the West in 2016.
Oakley Self Storage. Image via Google Street View
Gantry has arranged a $9.5 million refinancing package for Oakley Self Storage, an 80,845-net-rentable-square-foot self storage property in Oakley, Calif. Senior Director Tom Dao represented the borrower, The Claremont Cos. Standard Insurance Co. originated the loan, according to public records.
The mortgage is set to mature in 2050, has a fixed interest rate and a 30-year amortization schedule. When the transaction closed in April, the facility was 82 percent occupied. The new origination replaces an $8.1 million construction loan provided by Bank of the West in 2016, Yardi Matrix data shows.
Located on a 3-acre parcel at 4700 Main St., the 654-unit property encompasses four two-story buildings completed in 2017. The facility features an on-site manager, elevators, security cameras, indoor, drive-up and climate-controlled units. There are at least five other self storage properties within a 4-mile radius.
Earlier this month, Gantry brokered a $7.4 million mortgage for Metro Commercial Properties’ Houston Woodlands 45, a 63,373-square-foot office property in Spring, Texas. Principal Patrick Barkley and Senior Associate Chad Metzger secured the senior note from American Fidelity Assurance Co., according to Yardi Matrix data.
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