Active Summer, Improving Rate Climate, and Sustained Lender Liquidity Drives Strong Third Quarter Production; Gantry’s Internally Directed Loan Servicing Portfolio Nearing $24 Billion

Gantry, the largest independent commercial mortgage banking firm in the U.S., is reporting more than $2.735 billion of new commercial mortgage production and related equity placements this year through Q3 2025. At the same time, the firm’s internally serviced national loan portfolio is rapidly approaching $24 billion in total consideration, maintaining its strong performance at near 100% of expectations.

“This past summer was very active, a turning point underscored by a sustained increase of market activity in both refinance and new investment transactions,” said Tony Kaufmann, Principal with Gantry. “Continued improvement to underlying treasury yields and other rate setting benchmarks for new loans and the depth of available lender liquidity are presenting borrower options for financing diverse investment plans. Lender confidence in asset metrics for new underwriting is supported by the strong performance of our $24 billion loan servicing portfolio, which even includes properties in challenged sectors like office and hospitality.”

Representative transactions from Gantry’s Q3 2025 production include:

Multifamily: $32.4 Million / Permanent Construction Takeout Refinance – St. Louis, Mo.

Industrial: $25.5 Million / Acquisition Permanent Loan – Phoenix, Ariz.

Retail: $27.8 Million / Permanent Refinance – Vancouver, Wash.

Self Storage: $10 Million / Low Leverage Permanent Refinance – Kaneohe, Hawaii

Office: $32 Million / Permanent Refinance – Palo Alto, Calif.

Development: $11.8 Million / Construction Financing – South Lake Tahoe, Calif.

Production Trends

Gantry experienced the busiest summer of the firm’s thirty years of commercial mortgage banking, locking rates during this period for a substantial number of loans closing in both Q3 and Q4. The firm attributes this uptick in activity to several motivating factors, from compelling near-term maturities and a renewed focus from lenders on resolving existing loans without extensions, to an improving rate climate and market-wide adjustment to the cycle’s current costs of capital. Gantry’s loan producers were successful in underwriting new loans across the spectrum of asset classes, with the bulk of production dedicated to multifamily, industrial, retail, and self storage assets. Other asset types financed in Q3 included office, manufactured housing, and mixed-use properties.

“Our loan producers remain active in sourcing debt for clients across the nation, with a focus on resolving timely maturities in an improving rate climate, financing property acquisitions as price discovery aligns with current costs of capital, and funding construction loans for viable developments ready to break ground,” said Tony Kaufmann. “Improving rate conditions are also motivating a transition from five-year permanent loan requests to consideration of seven- and ten-year terms again, with ample bridge options still available for assets in transition. Insurance companies, banks, CMBS, and debt fund lenders all remain active and competitive, placing a premium on counsel from our production teams on the best program available to optimize client debt capital strategies.”

• Improving treasury benchmarks since July have helped alleviate capital costs for maturing debt and adjustment to the current rate climate is motivating asset trades.
• The Federal Reserve’s first rate cut of 25bps is a positive for variable rate and construction financing. The case for future rate cuts continues to evolve.
• Lender liquidity remains robust with ready allocations to commercial real estate financing feeding a competitive debt market with options for borrowers.
• As rates have improved, borrowers are considering longer-term permanent debt again in a market where five-year and bridge options have dominated recently.
• Gantry’s extensive roster of insurance company correspondents and lenders remain active and competitive on terms as they continue to pursue 2025 allocation targets.
• Banks are actively returning to the market with new originations for loans at competitive terms, while simultaneously eliminating onerous deposit requirements. They are a relevant source for construction financing and variable rate loans.
• Agency lenders remain active and a primary choice for many multifamily borrowers. They continue to reward loans meeting their affordability criteria with superior terms.
• CMBS lenders are emerging as a viable choice for borrowers seeking maximum proceeds with non-recourse terms most likely not available from other sources.
• Debt funds remain a viable option for projects in transition, new construction, and complex entitlements, although their loans tend to come at a premium.
• Multifamily, industrial, and retail assets remain the top allocations for most lenders. Self storage and medical office are also favored. Office interest is improving.
• Return to office trends, basis resets, and improving performance has made office loans viable once again for lenders who retreated from the asset class in recent years.

Culture

Gantry continues to grow its loan production teams with young talent in markets across the nation, including the promotion of two Associate producers to the role of Director: Austin Ridge based in Los Angeles and Zach Wagner in Upstate NY. The firm also added five new Associate hires in Q3 throughout the firm’s national portfolio of local production offices including Jake Davis and Toby Judge in San Francisco, Hrishi Bukshin in Portland, Ryan Parra in Los Angeles, and Sam Olszowka in New York. Gantry also recently added Zeke Case as a Loan Administrator in its Portland office to augment the local growth of its internal servicing division. The firm’s focus on senior executive mentorship to develop young professionals in a collaborative yet independent environment is an attraction for new talent, and Gantry’s successful summer internship program continues to identify viable candidates for employment, including two of the five recent Associate hires.

Servicing

Gantry maintains its long-running distinction as a Primary Servicer rated by Standard & Poor’s. The firm’s internally serviced loan portfolio is fast approaching $24 billion in total consideration. The portfolio encompasses more than 2,500 unique loans for a diverse range of properties in 46 states, including multifamily, industrial, retail, self storage, office, medical office, hospitality, manufactured housing, and other commercial real estate asset types. Gantry prides itself on a dedicated focus to client service that aligns borrower process experience with lender performance expectations. Servicing teams operate in local markets from all of Gantry’s production offices, forging a close working relationship with loan production teams to effectively support new underwriting and maturity resolutions.

About Gantry

At Gantry, independent thinking is in our genes. As a privately held firm, we take an 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 over 30 years of experience of loan production and managing a national servicing portfolio approaching $24 billion, our firm leverages a well-established correspondent-driven platform to construct the best financing solutions for our clients. For those seeking a partner that delivers more, we’re a little different. The right kind of different. To find out how and why, click here: http://www.gantryinc.com

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Continued improvement to underlying treasury yields and other rate setting benchmarks for new loans and the depth of available lender liquidity are presenting borrower options for financing diverse investment plans