Dealmaker: Gantry Secures $103M for Multifamily, Marina

Gantry, San Francisco, secured $102.6 million for multifamily and marina properties in Seattle and suburban Syracuse, N.Y.

In Seattle the firm secured $55.2 million of permanent financing for the Rooster Apartments. The 197-unit Class A community has two seven-story towers and 5,000 square feet of street-level restaurant space. Completed in 2015 and fully leased since early 2016, The Rooster at 900 NE 65th Street in Seattle’s Roosevelt neighborhood is one block from the city’s light rail network.

Gantry Principal Mike Taylor and Senior Director Skip Slavin secured a 10-year fixed-rate Freddie Mac financing.

“Multifamily assets continue to be prioritized by lenders as a preferred asset class for their 2022 allocations” Taylor said. “Seattle has been resilient with its post-COVID recovery and continues to demonstrate healthy multifamily fundamentals and rent growth as the Pacific Northwest’s strongest investment market.”

Lakeshore at Loso illustration courtesy of Gantry

Gantry also secured $47.4 million in construction financing for Lakeshore at Loso, a 248-unit market-rate apartment community on the Lake Oneida waterfront in Cicero, N.Y. The property at 6477 Lakeshore Road will have 12 three-story buildings, a boat launch and a 100-slip marina on two acres.

Gantry Senior Director Daniel Monte and Associate Jack Stelianou represented borrower TreyJay Loso LLC, East Syracuse, N.Y. A regional bank supplied the three-year loan with a one-year extension option.

“This site is a prime location, on the waterfront and near a major population center,” Monte said. “Syracuse, like any urban metro, is struggling to keep up with housing demand. Projects that deliver new, quality housing stock in accessible secondary and even tertiary suburban communities with strong multifamily fundamentals like Cicero are meeting that market demand.”