MONTEREY, CALIF. — Gantry has secured $14.3 million of construction financing for the adaptive reuse of an office property into workforce multifamily housing. The borrower is an undisclosed local developer.
Located at 2300 Garden Road, the property will feature 64 one- and two-bedroom market-rate apartments on a 7.23-acre site.
Robert Slatt, Jeff Wilcox and Andrew Ferguson arranged the financing for the borrower. Gantry’s secured the three-year construction loan through one of its correspondent life company lenders.