Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $17.2 million of permanent loans in separate transactions for two suburban Kansas City apartment complexes. The complexes include the 73-unit Meadowbrook Estates in Warrensburg and the 56-unit Chelsea Apartments in Grandview.
Both properties underwent comprehensive renovations in the past two years and include new kitchens with stainless steel appliances and granite countertops, updated flooring and carpet, in-unit washer/dryer, and other improvements.
Gantry’s Mark Reichter, Principal, and Alec Frook, Associate, with the firm’s Kanas City production office secured the loans for Meadowbrook Estates and Chelsea Apartments on behalf of the borrower, an individual private real estate company. Each 10-year agency loan was placed with Fannie Mae, and both feature a fixed interest rate with five-year interest only periods and non-recourse terms.
According to Gantry’s Mark Reichter, “Kansas City’s multifamily fundamentals remain strong throughout the greater MSA, and both assets are focused on active leasing programs and increasing NOI following comprehensive renovations and upgrades. After carefully reviewing a range of debt options to refinance each asset, our team determined that an agency loan was the best fit for each property. Both life companies and agencies continue to be ready lenders for well-positioned multifamily in the current cycle as many community, local, and regional banks have pulled back from new originations for the time being. The key role Gantry plays in these financings is surveying a client assignment across the full spectrum of commercial mortgage options as a financial advisor to secure the best program, rate, and terms accomplishing a sponsor’s asset-specific investment goals.”
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 a $20 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.
