Gantry secured a $12.1 million permanent loan to refinance The Park at Auburn apartments, located at 510 M St SE in Auburn, Washington. The two-story complex is 100% occupied and consists of 83 units.
Mike Wood, Principal of Gantry, and Alex Saunders, Associate of Gantry were able to secure the loan for a long-standing client borrower who is a private investor. This seven-year loan was placed with Fannie Mae after meeting affordability requirements and featured interest only payments for the full term as well as 35 year amortization / 1.25x debt service coverage ratio which resulted in additional funds being available to the borrower.
Wood commented that “Agency loans continue to be an excellent resource for multifamily sponsors since banks have pulled back from their commercial lending programs” He further added that “For any property that can meet Agency affordability requirements options are even more generous during this cycle making it appealing for owners looking to refinance in higher rate environment”
