Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $30.25 million permanent loan to refinance bridge financing for the Black Lark Apartments located at 1980 N. 2nd Street in Kansas City.
Gantry’s Mark Reichter, Principal, and Alec Frook, Associate, with the firm’s Kansas City production office represented the borrower, a private real estate investor. The five-year, fixed rate loan for Black Lark Apartments was provided by a private balance sheet lender with a 30-year amortization.
According to Gantry’s Mark Reichter, “The renovation and subsequent stabilized lease-up of Black Lark Apartments as a market rate project is a testament to an experienced sponsor’s vision for a superlative project that had languished under previous ownership. Multifamily assets enjoy the widest number of financing options in a competitive marketplace. On every client assignment, Gantry’s role is to secure an optimized debt structure by reviewing all options against clearly articulated sponsor and asset strengths to maximize investment returns. After reviewing this requirement against all competing sources, we ultimately landed on a permanent loan from a private balance sheet lender that was able to offer the highest proceeds at terms aligned with a legacy hold.”
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 $23 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.
