Dealmaker: Gantry Secures $54M for Seattle Multifamily Property

(Cypress Apartments, Seattle.)

Gantry, San Francisco, secured $53.5 million in permanent financing for 237-unit Cypress Apartments in Seattle’s Yesler Terrace community.

The six-story, Class A community at 120 Broadway immediately east of downtown Seattle delivered in 2019 as part of the Yesler public housing redevelopment, which transformed a 30-acre public housing community to include 5000 new housing units for all income types, low-income, affordable and market-rate.

Gantry Principal Michael Taylor and Senior Associate Alex Saunders worked with Russ Cree, Principal with Glacier Real Estate Finance, Bellevue, Wash., to secure the five-year fixed-rate financing for the private real estate entity borrower.

“In this financing, we reviewed the full spectrum of options including other bank, life company and agency sources,” Taylor said. “Ultimately a credit union was able to provide a loan with the structure, pricing and flexibility that best met the borrower’s needs.”

Taylor noted the importance of reviewing all potential capital sources to make certain the best solution is achieved. “Ultimately, every financing will be unique to its local market, asset quality and sponsorship quality,” he said.