Gantry Secures $128M Construction Loan For Legado At The Met Development Site In Santa Ana
$128,000,000
Building Size
—
Asset Type
Development Site
Closing
Jan 25, 2024
AI
A leading U.S. commercial mortgage banking firm, Gantry, has secured a $128 million construction loan for Legado at the Met, a 268-unit multifamily project located at 200 East First American Way in Santa Ana. The development site is situated in one of Orange County's premier professional submarkets, offering excellent potential for growth and market value.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $128,000,000
- Market: Santa Ana
- Landlord: Edward Czuker - Legado Companies
- Brokers: Amit Tyagi & George Mitsanas - Gantry
- Loan Type: Construction Loan
The Gantry team, led by George Mitsanas and Amit Tyagi, collaborated with three correspondent life company lenders to optimize loan-to-cost proceeds for this complex transaction. Their expertise in navigating the real estate market in Orange County's premier professional submarkets has facilitated the successful acquisition of financing for Legado at the Met.
Players
Market Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.12%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93