**Gantry Secures $16.2M Loan for Seattle Multifamily Refinance**
Gantry has arranged a $16.2 million permanent loan to retire acquisition financing for the Highlander Apartments, located at 11501 15th Avenue NE in Seattle’s Pinehurst/Northgate neighborhood.
The 121-unit property features a mix of studio and one-bedroom floorplans. Originally acquired in 2023 as a vacant assisted-living facility, the Highlander Apartments underwent a full renovation, transforming it into market-rate apartments in a strategic value-add repositioning.
Gantry’s Mike Wood and Mike Taylor, both Principals, along with Associate Tim Brown from the firm’s Seattle production office, represented the borrower, a private real estate investor. The property is currently 100% leased at rents below 80% of the area median income (AMI), qualifying the loan under Fannie Mae’s “Sponsor Dedicated Workforce Housing” program.
“The redevelopment of this asset into workforce housing opened the door to agency programs that reward project sponsors with exceptionally attractive terms,” said Wood. “This financing now stabilizes the property for a long-term, legacy hold.”
