Dealmaker: Gantry Secures $40M Loan to Refinance Washington Multifamily

(Image courtesy of Gantry)

Gantry, San Francisco, secured a $40 million permanent loan to refinance an apartment complex on Mercer Island, a Puget Sound community between Seattle and Bellevue, Wash.

Gantry’s Mike Wood, Principal, and Alicia Sabanero, Associate, with the firm’s Seattle production office secured the loan on behalf of the borrower, a private real estate investor. The 10-year life company non-recourse loan provided an attractive fixed rate with full-term interest-only payments.

“We continue to identify a variety of attractive loan options in the current cycle for multifamily assets from our roster of life company lenders. These insurance companies remain one of the most consistent sources for permanent debt on stabilized, performing properties,” Wood said.

“Ultimately, we were able to refinance an existing loan into a strong ten-year loan with a highly attractive rate and structure. The life company difference? Non-recourse, rate locked at application, and cash flow maximized through interest only payments during the entire loan term,” he continued.

The property–called The Mercer Apartments–consists of two buildings, with studio, one- and two-bedroom floorplans, a number of amenities and retail space leased to various tenants.