Updated Dec 4, 2024
Gantry Secures $21.6M Construction Loan For Studio City Retail Project
11265 Ventura Boulevard & 11321 Ventura Boulevard
$21,600,000
$320/SF
Building Size
33,700 SF
Asset Type
Development Site
Closing
Nov 29, 2023
About this deal
AI
Austin Ridge, Braden Turnbull, and George Mitsanas from Gantry have secured a construction-to-permanent loan of $21.6 million for a retail project in Studio City, Los Angeles. The project is located at 11265-11321 Ventura Boulevard and spans across 33,700 square feet. The loan terms include a fixed rate and interest-only terms over a five-year period.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $21,600,000
- Address: 11265-11321 Ventura Boulevard
- Market: Studio City
- Asset Type: Development Site
- SF: 33,700
Gantry, the largest independent U.S. mortgage banking firm, collaborated with a correspondent lender for two years to develop this innovative construction-to-permanent financing program. This partnership led to the successful acquisition of the loan for the Studio City retail project, providing the necessary funding for its development.
On the Map
$21,600,000
$320/SF
Development Site
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Players
Studio City Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.73%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93