Luxury Apartments in La Jolla Secure Loan Modification
Gantry secured a loan modification with improved loan terms reflecting property stabilization at the boutique luxury 801 Pearl class A apartments located at 801 Pearl St. in La Jolla Village. The modification assignment followed Gantry’s role securing construction financing in 2022 and construction take-out financing in 2024.
Principal George Mitsanas and director Doug Tisdale with Gantry’s Los Angeles (El Segundo) production office represented the borrower, a private real estate investor. The loan modification and reset three-year term was negotiated with one of Gantry’s correspondent insurance company lenders and features interest -only terms and prepayment flexibility. Gantry will service the loan.
Tisdale said, “Leveraging our strong relationship with our insurance company correspondent, Gantry crafted a loan modification that met the borrower’s objectives of using a loan paydown to lower the interest rate, given the stabilized nature of the asset while extending some of the original, favorable loan terms.”
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout