Company “exceeded our expectations for 2020 on both the production and servicing sides of our business”
Gantry, the largest independent commercial mortgage banking firm in the US, saw its strongest production quarter in Q4 of 2020.
The firm closed $1 billion of new loans over 124 transactions during the quarter, bringing its total annual production to $3 billion. This production total represents a record 411 commercial mortgage transactions in 2020 – surpassing the company’s all-time-high of 400 new transactions in a calendar year. Around 57% of these transactions were placed with life company/pension lenders.
“In a year of unprecedented disruption, Gantry exceeded our expectations for 2020 on both the production and servicing sides of our business,” said Michael Heagerty, principal and chief financial officer of Gantry. “Rather than a contraction, our professionals exceeded $3 billion in loan placements across all commercial asset classes, with clients benefiting from available capital sources in a variety of compelling structures at historically low rates.”
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In a statement, Gantry said that its nearly $17 billion portfolio of internally serviced commercial mortgage loans is performing 99.8% of expectations and “showcases the strength of the firm’s production underwriting.”
“Gantry’s servicing portfolio performed well above expectation given the intense challenges post-COVID, with very few delinquencies due to responsive action on relief requests, diligent oversight, and copious underwriting,” Heagerty said.
Additionally, Gantry announced adding 10 new members to its production team, and four more to its servicing team based in the Pacific Northwest. The recent growth has led to the opening of its new office in Portland and expansion of its Seattle team.
