Gantry has arranged a $14.8 million permanent loan to refinance maturing debt on the Latitude Queen Anne apartments, a mid-rise multifamily asset located at 500 3rd Ave W in Seattle’s Queen Anne neighborhood. The new financing replaces an approaching loan maturity for the privately owned property and provides the sponsor with long-term, fixed-rate, non-recourse debt.
The Latitude Queen Anne community comprises 76 apartment units in a mix of one- and two-bedroom floor plans. Residents have access to on-site amenities that include a rooftop deck, with the property positioned within walking distance of Myrtle Edwards Park, the Elliott Bay Trail, and a range of nearby restaurants and local merchants.
The building is situated close to several major employers, including Amazon, Expedia, Facebook, the Bill & Melinda Gates Foundation, and Holland America. Its location in the Queen Anne neighborhood offers connectivity to Seattle’s urban employment core while maintaining neighborhood-scale multifamily housing.
Gantry’s Mike Wood, Principal, and Tim Brown, Senior Associate, represented the borrower, described as a private real estate investor. The pair secured the 10-year, fixed-rate, non-recourse loan from one of Gantry’s correspondent life company lenders. The financing is structured with full-term interest-only payments, and Gantry will service the loan on an ongoing basis.
Wood noted that the Latitude Queen Anne sponsorship was seeking to address a pending loan maturity and evaluated multiple capital sources before selecting the winning option. After considering proposals from banks, agencies, and life insurance companies, one of Gantry’s correspondent life company lenders was ultimately able to provide a structure that aligned with the sponsor’s requirements for rate, term, and non-recourse execution.
The transaction highlights the role of life company capital in providing permanent mortgage financing for stabilized, amenitized multifamily properties in established urban neighborhoods. By locking in a new 10-year, fixed-rate loan with full-term interest-only payments, the borrower has addressed near-term refinancing risk associated with the maturing debt on the Latitude Queen Anne asset.
