Gantry has arranged a $16.2 million bridge loan to refinance the construction debt on the newly developed 31 South apartments in Spokane. The multifamily community is located at 3250 S Southeast Blvd in the city’s South Hill district, just south of downtown, and the new financing retires the existing higher-rate construction loan on the project.
The 31 South property is a recently completed four-story apartment building totaling 96 residential units. The community offers a mix of one- and two-bedroom floor plans. Interior finishes include hardwood flooring, stainless steel kitchen appliances, and walk-in closets, positioning the asset as a modern rental option in the South Hill neighborhood.
Gantry’s Spokane production office led the financing assignment on behalf of the borrower, a private real estate investor. The team was headed by Principal Demetri Koston and Senior Associate Tim Brown, who represented the sponsorship in securing the new loan.
The financing was provided by an institutional lender as a three-year bridge loan structure with extension options. According to Gantry, the loan was sized and structured to replace the prior construction financing at an interest rate that is materially lower than the extended pricing on the existing loan.
The bridge execution is designed to carry the property through its remaining lease-up period to full stabilization. The loan features full-term interest-only payments, which is expected to support the borrower’s cash flows during the stabilization phase while the asset continues to mature in the Spokane rental market.
By refinancing the development’s construction debt with a bridge facility on improved terms, the sponsorship has locked in a capital structure that is intended to support both near-term operations and longer-term asset performance as the 31 South apartments continue to lease up.
