TUCSON, AZ - Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $7.7 million of construction financing for the development of a luxury, for-lease property that will feature 29 townhome residences in a fully amenitized community. The project will rise at 1100 W. River Road in Tucson, and feature two- and three-bedroom, two-story units, each with its own attached, private two-car garage. Community amenities will include a swimming pool with cabanas, barbecue areas, and fitness center.
Gantry’s Tim Storey, Principal, and Chad Metzger, Senior Associate, with the firm’s Phoenix production office secured the construction financing for the borrower, a national developer of multifamily housing and real estate projects. The loan comes from an institutional debt fund.
According to Gantry’s Tim Storey, “For multifamily developers, the sustained demand for housing throughout Arizona’s top metropolitan areas means a wealth of funding sources are prepared to lend on new development. Gantry works with more than 160 unique capital sources to pair our client’s projects to the best funding option meeting their investment goals. In this instance, the sponsor’s extensive experience and the development’s bespoke sophistication made an institutional debt fund the right fit to underwrite the construction financing for this luxury multifamily community.”
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.