SAN FRANCISCO, CA - Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $47.48 million of construction financing for Lakeshore at Loso, a 248-unit, market rate apartment community on the Lake Oneida waterfront in the town of Cicero, N.Y., a Syracuse-MSA suburb. The project is located at 6477 Lakeshore Road and will feature 12 three-story buildings featuring one- and two-bedroom apartments and a clubhouse. The 24-acre property will also include walking trails, a boat launch, and a 100-slip marina.
Gantry’s Daniel Monte, Senor Director, with the firm’s Buffalo production office and Jack Stelianou, Associate, with the firm’s Phoenix office represented the borrower, Central N.Y.-based TreyJay Loso LLC. The 3-year loan with a 1-year extension option was placed with a regional bank. Rate and additional terms were undisclosed. For private developers, regional banks and/or banks where sponsors have established transactional history remain the favored lender for construction loans, although options do exist in the current market cycle.
According to Gantry’s Daniel Monte, “This site is a prime location, on the waterfront and near a major population center. Syracuse, like any urban MSA, is struggling to keep up with housing demand. Projects that deliver new, quality housing stock in accessible secondary and even tertiary suburban communities with strong multifamily fundamentals like Cicero are meeting that market demand. Banks are often well suited to underwrite and administer construction loans, with inhouse teams of experts in region-specific market fundamentals, valuation, risk assessment and costs analysis. Life companies, bridge lenders and various debt funds can also be viable sources for construction debt at various equity requirements and rate structures. Gantry works with our clients to identify the best financing option for their investment goals, and that requires analysis and a full survey of market options. The key to maximizing value is having a great project in a great location with an experienced team that has a clear vision and a path to completion.”
About Gantry: Gantry, a privately held company headquartered in San Francisco, is a full-service mortgage banking firm with an extensive lineup of correspondent lenders utilizing Gantry’s production, closing and servicing capabilities. Established in 1991, Gantry is currently staffed by nearly 90 professionals in regional offices throughout the western United States and in New York with over 40 production teams that originated over $5.1 Billion in 2021. The company’s national servicing platform of nearly $18 billion represents more than 2,100 loans located in 43 states. Gantry is rated as a Primary Servicer by Standard & Poor’s and is one of a select few non-banking/non-insurance-chartered companies with this designation. For more information, please visit gantryinc.com