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Gantry Secures $21.6M Construction Loan For Studio City Retail Project

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FINANCED
$21,600,000
George Mitsanas
Austin Ridge
Braden Turnbull

California

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Development Site67,400 SF
Financed 11/29/2023
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Property Image
FINANCED

Gantry Secures $21.6M Construction Loan For Studio City Retail Project

11265 Ventura Boulevard & 11321 Ventura Boulevard

See Similar Deals
Development Site67,400 SF
Financed 11/29/2023
George Mitsanas
Austin Ridge
Braden Turnbull
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:Development Site
Price Per Square Foot:$320
Total Square Footage:67,400 SF
Transaction Type:Loan

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.

Players

George Mitsanas
Gantry
George Mitsanas
16 deals$896.8M volume
BROKER
Austin Ridge
Gantry
Austin Ridge
11 deals$617.1M volume
BROKER
Braden Turnbull
Gantry
Braden Turnbull
9 deals$311M volume(310) 846-5301
BROKER

Details

FINANCED
IMAGE: George Mitsanas, Austin Ridge & Braden Turnbull DATE: 11/29/2023 ADDRESS: 11265-11321 Ventura Boulevard MARKET: Studio City ASSET TYPE: Development Site ~ SF: 33,700 BROKERS: Austin Ridge, Braden Turnbull & George Mitsanas - Gantry (@Gantry_Inc) LOAN AMOUNT: $21,600,000 LOAN TYPE: Construction Loan LOAN TERMS: five-year, fixed rate and interest only terms over the life of the loan NOTE: Gantry, the largest independent U.S. mortgage banking firm, has secured $21.6 million in construction-to-permanent financing for a 33,700 sq ft retail project in Studio City, Los Angeles. The five-year loan, offering a fixed rate and interest-only terms, resulted from a two-year collaboration to innovate the construction-to-permanent financing program with a correspondent lender.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$21,600,000.00

Monthly NOI$144,000.00
Monthly Debt Service$136,526.69
Change in Cash Flow$0.00
Refinance Proceeds$0.00