Gantry, the largest independent commercial mortgage banking firm in the U.S., is reporting approximately $1.68 billion in new commercial loan production during Q3 2026, bringing 2026 production totals to $3.9 billion for the year so far. In tandem, the firm’s $23 billion national loan servicing portfolio continues to demonstrate strong performance across all asset and loan types.

“Rate volatility continues to dominate the mindset of borrowers, but the market for commercial mortgage debt remains readily accessible with manageable outcomes for most transactions as Gantry’s strong Q3 production volume indicates,” said Gantry Principal Patrick Barkley. “Despite broader market challenges from geopolitical disruption, lender allocations remain strong, with ample liquidity available from a range of sources, including Gantry’s highly active and exclusive network of insurance company correspondents.”

Representative transactions from Gantry’s Q3 2026 production include:

Medical Office: $412 Million Construction-to-Permanent Loans — Texas, Utah, Virginia
Industrial/Office: $110 Million Portfolio Refinance — Southern California, Texas
Office: $96 Million Bridge Refinance — San Francisco
Self Storage: $86 Million Bridge Loan — Florida, Georgia, North Carolina
Industrial: $30.5 Million Permanent Refinance — Kansas City
Industrial: $28.25 Million Floating Rate Refinance — California
Apartment: $48.3 Million Permanent Refinance — Minnesota
Apartment: $20.7 Million Permanent Refinance — Oregon, Washington

Production

During Q3 2026, Gantry’s loan production teams generated approximately $1.68 billion of new loans nationally for clients across 101 unique transactions, working with 66 diverse lenders from the firm’s exclusive network of insurance correspondents and various bank, agency, conduit, credit union, debt fund, and private capital sources. The vast majority of transactions included loans for multifamily, retail and industrial properties, with traditional office continuing to enjoy improving debt market acceptance and alternative asset classes like medical office and self-storage prominently featured in quarterly production. Gantry’s correspondent insurance company lenders remained particularly active in Q3, representing more than 73% of loan production, competing aggressively for permanent debt and bridge loan allocations meeting their underwriting criteria. The firm also secured favorable loans for clients from a range of vetted bank, agency, credit union, CMBS, debt fund, and private capital sources, identifying and securing financing solutions for a range of assignments across asset classes and properties in various phases of their investment lifecycle.

“Gantry’s loan production teams continue to closely monitor the debt market landscape to identify and profile lender programs, aligning each client assignment to the best available option or provider for their specific investment goals,” said Gantry Principal Mark Reichter. “This intentional approach has resulted in a record production total for the recent quarter despite the impacts of rate volatility and market disruption. It’s important to note that we continue to have success underwriting office properties, attractive permanent structures for high quality portfolios across all asset classes, and loans for small balance assignments.”

  • The return of rate volatility and market pressures on rate setting benchmarks is expected to sustain a “higher for longer” climate for the foreseeable future.
  • The depth of options for borrower loan requests, active lender liquidity, and resulting competition for quality allocations has offset some of the impacts from higher rates.
  • The mid-term election cycle is generating uncertainty in the homestretch of 2026, with expectations for some volatility following the outcome as the market adjusts.
  • Intentionality with lenders is a key attribute for successful financings in the current cycle dynamic to ensure aligning the best available rate and structure for the specifics of a request in a timely fashion, punctuating Gantry’s value proposition.
  • Early rate lock opportunities in advance of known maturities have increased the desirability of going to market early to identify known options moving into 2027.
  • Multifamily, industrial, and retail property remain the preferred target allocations for most lenders active in today’s marketplace.
  • Office is returning to favor with an expanding pool of lenders, with a growing range of permanent and bridge options available for performing assets with an updated basis.
  • Agency and insurance company lenders remain the dominate sources for permanent debt on stabilized multifamily, with options including banks and other sources.
  • Pre-stabilization or value-add self-storage properties still in transition will find the current debt markets more challenging than past recent quarters, although stretch senior and bridge options remain available when underwriting is aligned properly.
  • Insurance company lenders remain competitive on all-in rates for permanent debt allocations meeting their debt service criteria, with interest only terms as an option to enhance cash flows when underwritten to amortizing debt service.
  • Agency lenders remain active as we close out 2026 to meet their increased allocation goals. They continue to offer properties meeting affordability criteria their best terms.
  • Banks have made a full return to the market and continue to offer the most flexibility on prepayment and interest only terms. They tend to have performance covenants and deposit requirements and remain almost exclusively a recourse driven option.
  • CMBS is a highly competitive option for loans needing to size for maximum proceeds, offering a viable non-recourse option underwritten to interest only debt service. However, these loans only lock rate at closing and service in a rigid structure.
  • Debt funds remain active looking to deploy their capital resources with a focus on project viability and exit plans at maturity. They are a source for bridge and bridge-to-bridge loans and can offer the most customized terms to circumstance, at a price.
  • Equity will continue to be a challenge for sponsors as traditional JV and LP sources become more selective. Preferred equity, mezzanine, and participation loans are a viable option that will come with a price. Expect programmatic equity exits to motivate more sales in the months to come leading into 2027.

Culture

Gantry continues to expand its loan production teams across the nation, with recent additions including Abe Osterhaus in Kansas City and Matthew Gavula in St. Louis as Directors serving clients active in Midwest markets. Additionally, Gantry welcomed two recent interns as Associates, Ramza Zeiter and Meera Lawnicki, with the firm’s San Francisco headquarters office. As an independent commercial mortgage banking firm developed by producers for producers, Gantry remains committed to providing a best-of-class platform to empower commercial mortgage banking talent, provide superior client service, and incubate its next generation of loan production professionals.

Servicing

Gantry’s loan servicing line of business retains its long-running distinction as a Primary Servicer rated by Standard & Poor’s. The firm’s current $23 billion, internally managed, national loan servicing portfolio continues to demonstrate strong performance. In a volatile market climate challenging for properties refinancing out of lower rates, the firm’s dedicated servicing teams have proven instrumental in securing successful outcomes for clients. These teams work closely with loan producers across the firm’s national network of offices in support of underwriting, client experience, correspondent relationships, and maturity resolutions. Gantry’s servicing portfolio includes loans from a wide range of lenders and correspondents across multifamily, industrial, retail, self-storage, office, medical office, hospitality, manufactured housing, and other commercial real estate asset types.

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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