Gantry Reports $4.2 Billion of Commercial Mortgage Production in 2025

Exceptionally Strong Q4 Drives 25% Year-Over-Year Growth in Debt and Equity Placements; Firm’s $23 Billion Internally Managed Loan Servicing Portfolio Continues Strong Performance

SAN FRANCISCO--(BUSINESS WIRE)--Gantry, the largest independent commercial mortgage banking firm in the U.S., is reporting a total of $4.2 Billion of commercial mortgage production for 2025, a 25% year-over-year increase. This was punctuated by exceptionally strong production in Q4 2025 as the market responded to an improving rate climate and increasing liquidity for commercial real estate. Production was consistent in the first half of 2025 as rate volatility resurfaced, followed by a more active second half of the year as transaction activity accelerated with the improved rate environment. Gantry’s internally managed $23 billion national loan servicing portfolio continues to show strong, consistent performance, representing more than 2,500 loans for properties in 43 states.

“Year-end 2025 marked a breakout year after the challenges of the post volatility era, with the fourth quarter ultimately becoming Gantry’s best production quarter in our 30-year history,” said Gantry Principal Michael Heagerty. “Improving benchmarks since last summer have reactivated the market and we are expecting a very robust 2026 based on our current pipeline. Our $23 billion servicing portfolio continues to perform across all asset classes, and we are looking forward to increasing the portfolio over the next 12 months.”

Representative transactions from Gantry’s Q4 2025 loan production include:

Multifamily: $63.4 Million / Permanent Construction Takeout Refinance – Las Vegas, Nev.
Multifamily: $48.3 Million / Acquisition Permanent Loan – Upstate New York
Industrial: $103.5 Million / Stabilization Bridge Loan – San Diego, Calif.
Industrial: $33.1 Million / Acquisition Permanent Loan – Phoenix, Ariz.
Retail: $13.5 Million / Grocery Anchored / Permanent Refinance – Las Vegas, Nev.
Retail: $10 Million / Grocery Anchored / Permanent Refinance – Dallas, Texas
Self Storage: $17.25 Million / Portfolio Refinance – Nashville, Tenn.
Office: $8.8 Million / Acquisition Bridge Loan – Silicon Valley, Calif.

Production

Gantry experienced its most productive quarter in the company’s history during Q4 2025, closing approximately $1.5 billion in new loans to end the year. Overall, new loan placements in 2025 were led by multifamily, industrial, and retail property financings, with strong production totals for office and self-storage assets as well. The second half of 2025 saw an increased demand for permanent loans with the 5-year and 10-year treasury benchmarks improving since last summer, and if rates remain in the current range or continue to improve, increased permanent loan activity should continue into the year ahead. Gantry’s loan production teams were also successful in securing bridge loans for assets still in transition and construction loans for new development in both fixed and variable rate structures.

“Gantry’s production teams worked just as hard across the entire year, with a challenging first half teeing up a hyper productive second half for loan closings,” continued Heagerty. “This has us optimistic heading into 2026. Our insurance company correspondent network remains committed to maintaining or even growing their allocations and are already filling up their pipelines, our roster of viable bank, credit union, CMBS and debt fund sources continues to grow for competitive sourcing, and fresh capital is moving off the sidelines. Barring unforeseen disruptions or a new round of volatility, we expect early 2026 to be active and stand ready to serve a dynamic client base seeking optimized debt solutions.”

• Interest rate benchmarks have improved since summer 2025 with minimal volatility. Both the 5-year and 10-year treasury yields have remained consistently in a lower range and the 2025 Fed Funds rate cuts have helped improve the SOFR.
• Debt liquidity remains readily accessible for all loan types, with a growing pool of sources available for preferred equity, joint venture capital, and mezzanine financing.
• Life companies remain an attractive source for fixed rate, non-recourse permanent and pre-stabilization loans, and compete with the GSE’s through streamlined underwriting and service, Banks on spread, and CMBS on execution and service.
• Banks have returned with a more active presence in 2025 and have befitted most from the Fed cuts in 2025, shoring up their balance sheets and retiring challenged loans.
• The Agencies remain a dominant force in multifamily lending and have increased their allocations for 2026. Their best terms are still reserved for properties meeting their affordability criteria.
• CMBS has regained its appeal as an attractive source for maximum leverage with non-recourse terms. While execution requires stringent underwriting and potential B-piece uncertainty, the increased liquidity CMBS provides has helped open up financing options across all asset classes.
• There is a growing pool of debt funds, institutional balance sheet lenders, and family offices targeting projects in transition, value add acquisitions, and new construction. Pricing varies by source, market, and asset type with flexible terms a common theme.
• The case for office has continued to improve as assets begin to trade at a new basis, return to office improves occupancy, and lenders become comfortable with the asset class again.
• Funding for new construction remains readily available, with challenges to development coming from aligning the rising costs of materials, labor, land, and approvals with achievable rents. For shovel ready projects, competitive options exist.

Culture

Gantry expanded its production, servicing, and corporate teams in 2025 with the addition of 18 new talents while simultaneously promoting four of its production Associates to new positions. Client facing production additions include Doug Thatcher, who joined Gantry as a Senior Director in Seattle, and new Associate hires in the firm’s Buffalo, Irvine, Kansas City, Phoenix, Portland, San Francisco and Seattle Offices. Gantry also promoted internally developed producers Abi Hunter, Austin Ridge and Zach Wagner to Director roles as independent team leaders for new loan assignments, and Joe Foley to Senior Associate.

A core tenet of Gantry’s operating culture is an emphasis on community and philanthropic engagement. The firm’s corporate and staff charity contributions totaled over $90,000 in 2025, with the company’s annual holiday charity donation benefitting Angel Flight West, a volunteer organization providing air travel for patients seeking specialized medical care.

Servicing

Gantry retains its long-running distinction as a Primary Servicer rated by Standard & Poor’s. The firm maintains dedicated servicing teams in all its production offices, with new hires in 2025 expanding its local presence in Kansas City, Las Vegas, Phoenix, and Seattle. Gantry’s internally serviced loan portfolio includes loans for a diverse range of lenders and correspondents, and includes multifamily, industrial, retail, self-storage, office, medical office, hospitality, manufactured housing, and other commercial real estate asset types. Gantry’s servicing teams operate collaboratively with loan production teams to support new underwriting, client experience, maturity resolutions, and correspondent relationships.

About Gantry

At Gantry, independent thinking is in our DNA. As a privately held firm, we take an intentional approach to everything we do. In an industry that is consolidating and becoming increasingly impersonal, we set a higher standard—prioritizing people over profits and challenging convention at every turn. With more than 30 years of loan-production experience and a national servicing portfolio totaling $23 billion, our correspondent-driven platform enables us to craft the best financing solutions for our clients. For those seeking a partner that delivers more, we’re proudly a little different—the right kind of different. To learn more, visit www.gantryinc.com.