Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $40 million permanent loan to refinance The Mercer Apartments, a Puget Sound community positioned between Seattle and Bellevue, Washington.
The mixed-use property was built in 2006 and includes 235 units spanning 4 stories, including ground-floor retail.
The unit mix of Mercer Apartments includes studio, one-, and two-bedroom floorplans, with amenities ranging from BBQ areas and an outdoor heated pool and spa to a community clubhouse, fitness facilities, and concierge services. The Mercer’s street-fronting retail space is leased to a range of tenants, including a restaurant, nail salon, and interior design studio and showroom.
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.
According to Gantry’s Mike Wood, “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. Mercer is a superior class A property at a superlative location offering strong long-term fundamentals with a conservative client operating and maintaining the property to its best and highest potential. This allowed us to review their requirement across the full universe of options. 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.”
At Gantry, independent thinking is in our genes. As a privately held firm, we take an intentional approach to everything we do. So, as our industry consolidates and becomes less personal, we push ourselves to ignore convention, to set a high standard and to always prioritize people ahead of profits. With over 30 years of experience of loan production and managing an $18 billion national servicing portfolio, our firm leverages a well-established correspondent-driven platform to construct the best financing solutions for our clients. For those seeking a partner that delivers more, we’re a little different. The right kind of different.
