Gantry, the largest independent commercial mortgage banking firm in the U.S., is reporting $1.0 billion of new commercial mortgage production in Q1 2026. This strong performance reflects an improved rate climate to begin the year and continued debt availability even with renewed volatility from geopolitical disruption. Despite the substantial disruptions, early signs point to a strong Q2 2026 for loan production as rates stabilize to consistent levels and an extended pipeline outlook that is tracking ahead of 2025. Gantry’s $23 billion internally managed loan servicing portfolio continues its strong performance across all asset types.
“While ongoing geopolitical conflict and its unknowns need to be closely monitored for capital markets impacts, the commercial real estate debt markets currently remain healthy and accessible across a broad spectrum of sources,” said Joe Monteleone, Principal with Gantry. “Our producers were successful in delivering year-over-year first quarter production growth for a strong start to the year and continue to originate new loans into Q2. As we monitor for changes to conditions, we anticipate lenders to remain active for the foreseeable future, competing to place quality loans with ample liquidity as we move into the year ahead.”
Representative transactions from Gantry’s Q1 2026 production include:
Multifamily: $48.3 Million Permanent Acquisition/Portfolio Acquisition – Upstate New York
Industrial: $25.5 Million Construction Takeout/Riverside Logistics Centre – Kansas City
Retail: $42.8 Million Permanent Refinance/Multi-State Portfolio – Various Locations
Office: $10.2 Million Permanent Refinance/Terminal Sales Building – Seattle
Medical Office: $21.2 Million Permanent Refinance/Two Facilities – Idaho
Manufactured Housing: $35.6 Million Permanent Refinance/Two Communities – Napa Valley
Production and Trends
Gantry’s production teams successfully closed $1.0 billion in commercial mortgage financings during Q1 2026, working with 47 unique lenders on refinance, acquisition, construction takeout and new construction assignments. Of these lenders, the firm’s roster of correspondent and affiliate insurance company lenders represented more than half of new loan production in the quarter, competing from increased allocations and pursuit of yield. Agency loan programs remain a highly competitive source for stabilized multifamily properties and the GSE’s are aggressively pursuing new originations for their expanded caps. Banks, credit unions, CMBS, and debt funds also remain active options. This competitive landscape has increased the value of Gantry’s commercial mortgage banking counsel as clients align their unique investment goals with the most competitive debt option from a wide universe of programs offered by the firm’s growing roster of vetted lenders.
“Commercial mortgage production started off strong in the first quarter, and we expect to see that continue into Q2,” said Amit Tyagi, Principal, Gantry. “We are advancing a wave of maturing loans from 2016 that will be refinancing this year. Further, with buyers and sellers becoming more closely aligned on price discovery in a healthy debt market where programmatic equity is also seeking exits, we anticipate asset trades to continue increasing as well. Our exclusive network of insurance company correspondents remains active and highly competitive with their ability to forward rate lock, and that has kept our teams busy engaging with clients. Current debt liquidity is fueling competition from lenders for qualified borrowers, which positions Gantry’s production teams to add value as a trusted advisor.”
- The return of rate volatility set the market on edge but has since stabilized albeit at a slightly higher range than the first two months of the year.
- Disruptions from conflict in the Middle East will continue to impact global markets, with expectations that rising inflation will shape Federal Reserve decisions this year.
- Regardless of conflict dynamics, commercial real estate debt markets remain active with lenders competing for the best assets, benefiting well positioned borrowers.
- Gantry’s exclusive roster of insurance company lenders and correspondents have increased allocations to their lending programs for 2026 and compete for yield with new bridge and shorter-term programs alongside their traditional permanent options.
- Agencies are a highly competitive source for permanent loans on stabilized multifamily assets and can offer full-term interest only options to improve cash flows.
- Regional banks for the most part have stabilized their commercial real estate loan portfolios and returned to active new originations, competing with prepayment flexibility, interest only terms, and variable rate options. Credit unions remain active.
- CMBS remains in favor with Wall Street investors and is offering maximum proceeds in a non-recourse format by underwriting to an interest only DSCR.
- Debt funds continue to thrive in the current market climate, with new entries including family office and institutional sources. Key is identifying balance sheet lenders against those reliant on warehouse credit lines for assuring certainty of close.
- Industrial and multifamily remain the most desired asset classes and thus the most competitive for lenders, with a broad range of insurance companies, agencies, CMBS, banks, credit unions and debt funds competing for permanent, bridge and construction loans.
- Industrial in the small bay, multi-tenant, and sub-500,000 square feet logistics property categories continue to drive lender allocations, with grocery anchored and other neighborhood retail offerings maintaining their popularity as well.
- The case for office continues to improve as assets trade at a new basis and performance recovers.
- Alternative asset classes like self storage, manufactured housing and medical office continue to thrive and have become competitive targets from lenders seeking yield.
Culture
Gantry continues to grow its workforce across all its relevant verticals including new loan production, servicing, and corporate operations. First quarter production hires included Erin Briggs as Senior Associate in San Francisco, Kate Stephens as Loan Closer in Seattle, and Samantha Kinnet as Senior Loan Closer in Kansas City. Corporate hires included Jonathan Khuan as Operations Administrator in San Francisco. Gantry continues to grow its production, servicing, and corporate teams across the nation and is actively seeking qualified candidates set to thrive in the firm’s independent yet team-supported culture.
Servicing
Gantry’s internally serviced $23 billion national servicing portfolio includes loans from a diverse range of lenders and correspondents across multifamily, industrial, retail, self-storage, office, medical office, hospitality, manufactured housing, and other commercial real estate asset types. The portfolio has consistently performed through continued volatility and the uncertainties of a disrupted cycle. With dedicated teams in all of firm’s national offices, Gantry’s servicing professionals work closely with loan production teams in support of underwriting, client experience, maturity resolutions, and correspondent relationships. Gantry retains its long-running distinction as a Primary Servicer rated by Standard & Poor’s.
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.
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