FOR IMMEDIATE RELEASE
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| Davis Square |
Morristown Plaza |
Transaction Details
• Loan Amount: $60,000,000 Combined
• $31,000,000 Davis Square Center
• $29,000,000 Morristown Plaza
• Financing Type: Permenent
• Property Description: Medical Office
• Term: 5-Years (both)
$60,000,000 in Financing Arranged for Pair of NE Medical Assets
Morristown, NJ & Somerville, MA, (December 19, 2019) – Gantry (formerly Newmark Realty Capital, Inc.), the largest independent commercial mortgage banking firm in the U.S., arranged $60,000,000 in refinancing for two (2) medical office properties located in the Northeast region. The borrower was a Southern California-based healthcare REIT.
Gantry arranged $31,000,000 in financing for Davis Square Center, a 100,699-square-foot medical center in Somerville, MA, and $29,000,000 in financing for Morristown Plaza, a 166,750-square-foot medical tower in Morristown, NJ. Davis Square Center is a four-story facility that counts Atrius Health Inc. among its tenant roster. Morristown Plaza is a six-story building, occupied by such tenants as Summit Medical Group and AHS Hospital Corp.
Gantry’s Andy Bratt, a Principal in Newport Beach, CA who arranged the financing on behalf of the borrower said, “Sponsorship is public non-traded healthcare REIT that typically holds their properties on their lines of credit and therefore required maximum flexibility. Sponsorship was looking for life company execution and we were able to structure the deal with one of our correspondents that recognized the institutional ownership needs. The non-recourse financing provided cash out on five-year fixed loan terms with very flexible prepayment penalties meeting the clients needs.”
Bratt worked with the same borrower on both deals to arrange the five-year, fixed-rate loans through a life insurance correspondent. Sponsorship has seen a large increase in value since acquiring the properties in 2015 and decided to take advantage by recapitalizing the stabilized assets.
At San Francisco-based Gantry, independent thinking is in our genes. As an independent firm, we take a thoughtful and intentional approach to everything we do. So, as our industry consolidates and becomes less personal, we push ourselves to ignore convention, to set a high standard and to always prioritize people ahead of profits. With 30 years of experience, a $13 billion national servicing portfolio, we’re committed to constructing the best deals for our clients. For those seeking a partner that delivers more, we’re a little different. The right kind of different.
Morristown, NJ & Somerville, MA, (December 19, 2019) – Gantry (formerly Newmark Realty Capital, Inc.), the largest independent commercial mortgage banking firm in the U.S., arranged $60,000,000 in refinancing for two (2) medical office properties located in the Northeast region. The borrower was a Southern California-based healthcare REIT.
Transaction Contacts
Andy Bratt
Principal
Newport Beach Office
(949) 356-6678
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