Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $40.5 million permanent loan to retire construction financing for the recently completed and now stabilized class-A apartment project Eagle Pointe Apartments in Albany, Oregon.
Eagle Pointe Apartments also includes a clubhouse offering a pool, therapeutic hot tub, sauna, 24/7 fitness center, and theater room as well as a sports court, playground, and off-leash dog park. The property is within 14 minutes or 7.4 miles from Linn-Benton Community College. It is also near Western University of Health Sciences, Lebanon and Oregon State University.
Gantry’s Blake Hering, Principal, and Crischell Bacarro, Associate, with Gantry’s Portland and Los Angeles production offices, respectively, represented the borrower, a private real estate investor. The 5-year, interest-only agency loan was provided by Fannie Mae via Walker & Dunlop with an attractive fixed rate.
According to Gantry’s Blake Hering, “The apartment project was successfully stabilized following its delivery in 2023, and our team was able to secure an optimized permanent loan for the sponsor to retire the project’s maturing construction financing. Multifamily properties hold a primary allocation target status among the majority of Gantry’s debt capital providers, and this requirement, as all client requirements, was engaged in discussions with a diverse range of capital sources. It became clear after this survey that an agency loan best met an experienced sponsor’s legacy hold investment plans.”
