Gantry has arranged a pair of permanent loans totaling $40 million to refinance maturing debt on two suburban Portland apartment communities for a single private real estate investor group. The new financing consists of two $20 million loans, each secured by a separate multifamily asset located in Portland’s suburban markets.
The transaction covers Squires Court in Clackamas and Riverwood Heights in Tigard, both described as stabilized, high-quality, garden-style communities. Together, the properties comprise 475 apartment units with a mix of one-, two-, and three-bedroom floor plans. According to the parties involved, the assets benefit from a shared amenity profile, including swimming pools, clubhouses, in-unit washers and dryers, onsite property management, and well-maintained buildings and landscaping.
The borrowing entity is a private real estate investor group that turned to Gantry to refinance existing obligations coming due on the two communities. By securing new permanent financing, the sponsor is replacing maturing debt while maintaining ownership of the stabilized portfolio. The focus on garden-style product and a mix of unit sizes suggests an appeal to a range of renter households in the suburban Portland market, although the specific performance metrics and rent levels were not disclosed.
Gantry’s production office in Portland led the assignment, with Principal Blake Hering and Senior Associate Kristin Lapinskas representing the borrower. Their mandate included sourcing non-recourse, fixed-rate debt that would match the sponsor’s hold strategy for the assets. The team placed the loans with one of Gantry’s correspondent life company lenders, though the individual lender was not identified by name.
Each of the two loans was structured as a five-year, fixed-rate, non-recourse permanent mortgage. The financing also includes a full-term interest-only payment schedule, indicating that the borrower will not be required to amortize principal during the loan term. Gantry will service the loans on behalf of the single life company lender that provided both executions, continuing its relationship with the lender under its correspondent platform.
The refinancing underscores the availability of life company capital for stabilized suburban multifamily assets around Portland, particularly when sponsored by experienced private investor groups. While specific pricing, leverage levels, and other financial terms were not disclosed, the deal highlights an ongoing role for correspondent life insurance lenders in providing permanent, fixed-rate, interest-only debt for garden-style apartment communities.
