Gantry Closes $1.0 Billion in Commercial Mortgage Production in Q1 2026, Led by Multifamily and Industrial Real Estate
Gantry, the largest independent commercial mortgage banking firm in the U.S., reported $1.0 billion in new commercial mortgage production for the first quarter of 2026, reflecting year-over-year growth from the same period in 2025 and signaling what the firm described as an encouraging start to the year despite ongoing geopolitical disruption.
The San Francisco-based firm worked with 47 unique lenders during the quarter on refinance, acquisition, construction takeout, and new construction assignments. Insurance company correspondents and affiliates represented more than half of new loan production, competing from increased allocations. The firm's $23 billion internally managed loan servicing portfolio continued to perform across all asset types, including multifamily real estate, industrial real estate, retail real estate, office real estate, hospitality real estate, and self-storage.
Multifamily and Industrial Real Estate Drive Lender Competition
According to Gantry, multifamily and industrial real estate remained the most sought-after asset classes among lenders in Q1 2026, drawing competition across permanent, bridge, and construction loan programs from insurance companies, agencies, CMBS, banks, credit unions, and debt funds.
Within industrial real estate, small bay, multi-tenant, and sub-500,000-square-foot logistics properties continued to drive lender allocations. On the multifamily side, agency loan programs — including those from government-sponsored enterprises — were described as highly competitive for stabilized properties, with full-term interest-only options available to improve cash flows. The GSEs were noted to be aggressively pursuing new originations under expanded caps.
Grocery-anchored and neighborhood retail real estate also maintained popularity among lenders, while alternative asset classes including self-storage, manufactured housing, and medical office were cited as competitive targets for lenders seeking yield.
Office Real Estate Shows Signs of Recovery
Gantry noted that the case for office real estate continues to improve as assets trade at a new basis and performance recovers.
Regional banks, which had stabilized their commercial real estate loan portfolios, were reported to have returned to active new originations in Q1 2026, competing with prepayment flexibility, interest-only terms, and variable rate options. Credit unions also remained active.
Rate Volatility and Geopolitical Risk Shape Market Conditions
Gantry principals acknowledged that a return of rate volatility unsettled markets during portions of the quarter but noted conditions had since stabilized, albeit at a slightly higher range than the first two months of the year. Ongoing conflict in the Middle East was cited as a factor with the potential to influence global markets and shape Federal Reserve decisions through rising inflation expectations.
"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."
Amit Tyagi, Principal at Gantry, pointed to a wave of maturing loans from 2016 that are expected to refinance in 2026 as a key driver of continued production. "We are advancing a wave of maturing loans from 2016 that will be refinancing this year," Tyagi said. "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."
Lender Landscape Remains Competitive Across Debt Sources
Beyond insurance company correspondents, Gantry reported that CMBS remained in favor with Wall Street investors, offering maximum proceeds in a non-recourse format by underwriting to an interest-only debt service coverage ratio. Debt funds continued to expand, with new entrants including family office and institutional sources. The firm noted the importance of identifying balance sheet lenders versus those reliant on warehouse credit lines to ensure certainty of close.
Gantry's pipeline heading into Q2 2026 was described as tracking ahead of 2025 levels.
Firm Expands Workforce Across Production, Servicing, and Operations
Gantry added several staff members during the first quarter. On the production side, Erin Briggs joined as Senior Associate in San Francisco. Kate Stephens was hired as Loan Closer in Seattle, and Samantha Kinnet joined as Senior Loan Closer in Kansas City. Jonathan Khuan joined the San Francisco office as Operations Administrator. The firm said it is actively seeking additional candidates across production, servicing, and corporate teams nationally.
Gantry's servicing portfolio spans multifamily, industrial, retail, self-storage, office, medical office, hospitality, manufactured housing, and other commercial real estate asset types. The firm retains its designation as a Primary Servicer rated by Standard & Poor's.