Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $63.2 million permanent loan to retire construction financing for Aspire at Redwood, a class A apartment community located at 6755 West Arby Avenue in southwest Las Vegas.
The building is unique to the Las Vegas market with its sustainable operating footprint from an onsite solar array powering much of the property’s energy use, Energy Star GE appliances in all units, and other sustainable building systems. Resident amenities include a resort-style pool, yoga and fitness studios, great room/club house, library with WiFi, and demonstration kitchen. Aspire at Redwood also sits adjacent to a Sprouts grocery store and a roster of nearby restaurants.
Gantry’s George Mitsanas, Principal, Chris Funai, Senior Director, and Austin Ridge, Director, with Gantry’s Los Angeles (El Segundo) and Las Vegas production offices represented the borrower, a private real estate investor. The 10-year, fixed rate loan was secured from one of Gantry’s life company correspondents, offering near full-term interest only supporting strong cash flow with two-years of 30-year amortization. Gantry will service the loan.
According to Gantry’s George Mitsanas, “Multifamily remains a targeted asset class for allocations across a wide universe of lenders, with the most competitive options for permanent loan programs coming from the GSE’s and insurance companies in the current cycle. Gantry has arranged financings using both GSE and insurance company capital sources since the early 1990s. Types of multifamily assignments include construction, equity, bridge, subordinate debt / equity and permanent loans.”
“We are often called in to review insurance company options for our clients who have established agency relationships,” continued Mitsanas. “This assignment for Aspire at Redwood focused on retiring construction debt at optimal terms for a legacy hold. Ultimately, a general account insurance company execution provided the best terms on a permanent loan. Our extensive roster of lenders still includes banks, agencies, conduits, debt funds and others and we review client assignments across them all, but our insurance company lenders continue to reward quality projects with highly competitive quotes for permanent loans in the current cycle.”
