Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a total of $59.6 million in three loans funding the acquisition of apartment communities located in Florida and Virginia. The three properties total 249 units, and include the Sanctuary Apartments and Serenity Court Apartments in Tallahassee, Fla., and the Jimmy Apartments in Newport News, Va. All three properties were acquired out of receivership, and funded for repositioning, improvements, and new leasing programs.
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. Each loan was secured from one of Gantry’s long-standing correspondent life company lenders. The bridge loans include upfront interest only terms followed by 30-year amortization, including capital expenditure funds for deployment moving forward. Gantry will service the loans.
According to Gantry’s Mark Reichter, “For many new developments or value add repositioning projects financed prior to the rate volatility of recent years, the severe strain on original budgets in a higher rate climate have unfortunately put some quality projects into troubled waters. Gantry was able to align one of our long-time correspondents with an experienced sponsor able to take on these assets after they had moved into receivership. Our team was able to align the sponsor equity with the necessary new life company bridge financing to acquire the properties and position them for long-term success moving forward with funds in place to manage repositioning, improvements, and expanded leasing efforts.”
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.
