**Gantry Secures $30.25M Permanent Loan for Kansas City Multifamily Property**
Gantry has arranged a $30.25 million permanent loan to refinance bridge financing for the Black Lark Apartments, located at 1980 N. 2nd Street in Kansas City.
The garden-style property, acquired in December 2023, recently underwent a full renovation, transforming it into a fully stabilized, market-rate apartment community. The complex now features 265 units across one-, two-, three-, and four-bedroom floor plans.
Mark Reichter, Principal, and Alec Frook, Associate, from Gantry’s Kansas City production office represented the borrower, a private real estate investor. The five-year, fixed-rate loan was secured through a private balance sheet lender and includes a 30-year amortization.
“The renovation and subsequent stabilized lease-up of Black Lark Apartments as a market-rate project is a testament to an experienced sponsor’s vision for a superlative project that had languished under previous ownership,” said Reichter. “After reviewing this requirement against all competing sources, we ultimately landed on a permanent loan from a private balance sheet lender that was able to offer the highest proceeds at terms aligned with a legacy hold.”
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