Gantry procures $11.5m for Public Storage facility recapitalization
FINANCE Arrow R.E. Advisors structures $8.8 million construction loan for multifamily development
ISLAND PARK, NY Gantry has secured a $11.5 million permanent loan to retire maturing debt for a Public Storage managed facility located at 4055 Austin Blvd. on Long Is- land’s South Shore. The 740-unit, three-story, climate-controlled facility is stabilized and perform- ing at the top of its class in its region. Its location is positioned at the main east–west connection between the cities of Long Beach and Oceanside on Long Island and the adjacent Nassau County mainland, capturing consistent local traffic as well as seasonal beach demand. Gantry’s Robert Slatt, princi- pal, and Alex Poulos, associate, with the firm’s San Francisco production office represented the BRADENTON, FL Ian Fitzgerald of Largo Capital, Inc. arranged a $15 million construction loan for Forest Cove, a 156-unit workforce hous- ing development. The financing was structured on a five-year term with 36 months of interest-only payments and a completion guar- anty that burns off to non-recourse at stabilization. The project is a public-private partnership between Manatee
BROOKLYN, NY Arrow Real Estate Advisors has arranged an $8.8 million construction loan for the development of a new multifamily property located at 1532 Bergen St. in Crown Heights. The financing was provided by S3, a debt fund lender. The transaction was led by Arrow Real Estate Advisors’ Morris Betesh, founder and man- aging partner, Israel Mermelstein, senior director, and Louis Halperin, associate. “It was a privilege to represent a new client as they embark on their largest development project,” said Israel Mermelstein, senior director ofArrowRealEstateAdvisors.“S3 proved to be the ideal lending part- ner for the sponsor, and we were pleased to facilitate the expansion of that relationship. By engineering a highly customized loan structure tailored to the unique requirements of this transaction, we ensured a seamless execution that aligned perfectly with the sponsor’s stra- tegic goals for this asset.” The loan will fund the con- struction of a six-story, 27,136 s/f mixed-use building comprising 25 residential units, two commercial spaces, and eight parking spaces. Planned amenities include a fitness
Slatt, “The Island Park facility is a high quality, stabilized asset leveraging its strategic location and climate-controlled units to lead its competitive set. Gantry’s exclusive network of insurance company lenders remain stead- fastly committed to their self storage financing programs and target high performance assets like this with their best terms. Our ability to source and close the desired permanent refinance with a correspondent in 45-days from application to funding is a testament to that commitment. In today’s competitive debt market where options must be considered, they are often the most attractive source offering non-recourse fi - nancing for the asset class.”
borrower, a private real estate investor. The five-year, fixed rate, non-recourse loan was provided by one of Gantry’s correspondent insurance company lenders. According to Gantry’s Robert
center, laundry room, and roof terrace. The sponsor acquired the prop- erty in September 2025 and has since advanced the project through the approval process, including se- curing additional floor area through the Uniform Land Use Approval Procedure (ULURP). Demolition is already underway, with sitework and excavation expected to begin in the second quarter of 2026. Completion is anticipated in the first quarter of 2027. Located near the 4, A, and C subway lines, the property offers connectivity to Manhattan and the broader New York City area.
Fitzgerald of Largo arranges $15m const. loan
County and a developer group that includes some of the area’s largest employers as equity partners. Each participating employer reserved a proportionate number of units for their employees to rent at afford- able rates.
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