Gantry Arranges $13M Los Angeles-Area Office Refi
- Aug 27, 2020
Gantry has secured $13 million in financing for a 31,377-square-foot office building in Burbank, Calif. Principals Adam Parker and Andy Bratt and Senior Associate Chad Metzger arranged the five-year loan. The financing has an amortization schedule of 25 years with a flexible prepayment penalty. According to public records, the firm worked with First Bank to provide the note.
Built in 1990 and renovated in 2013, the Burbank property is 100 percent owner-occupied. According to Yardi Matrix, the three-story asset last traded in 2012, when Visual Data Media Services acquired it from a private investor. The building changed hands for $5.7 million.
Located at 610 N. Hollywood Way, the Class B asset is within 2 miles of Interstate 5. The surrounding area has several retail options, and the Burbank Town Center shopping mall is 3 miles from the property. The asset is also 3 miles from Hollywood Burbank Airport.
Earlier in August, another Gantry team arranged $10.5 million in permanent refinancing for a 45,316-square-foot office building north of San Francisco. The new loan retired a mortgage North River Co. had assumed when it purchased the asset in mid-2017, according to Yardi Matrix.