Gantry has arranged a $22.75 million permanent loan for University Digs, a multifamily community adjacent to Pittsburg State University in Pittsburg, Kansas. The property is located at 1902 S Broadway St and caters to both university-related renters and traditional apartment residents.
The three-story community totals 190 units, with a mix of studio, one-bedroom, and two-bedroom floorplans. Originally constructed in 1960, University Digs has since been significantly renovated, positioning the asset as an updated housing option in close proximity to the university campus.
The financing was secured by Gantry professionals Mark Reichter, Principal, and Alec Frook, Associate, from the firm’s Kansas City production office. They represented the borrower, a private real estate investor. The loan was placed with one of Gantry’s preferred CMBS lenders, although the specific lender was not identified in the announcement.
The new debt is structured as a five-year, fixed-rate, non-recourse loan and features full-term interest-only payments. The structure indicates that the borrower will not be required to amortize principal during the loan term, allowing all scheduled payments to be applied to interest until maturity. No additional details were provided regarding the interest rate, loan-to-value ratio, or use of proceeds.
According to Reichter, University Digs benefits from its location adjacent to Pittsburg State University and near Mercy Hospital as well as downtown Pittsburg’s restaurant, retail, and cultural amenities. He noted that the property operates successfully as both a conventional multifamily asset and student housing due to this combination of educational, medical, and commercial demand drivers.
The loan supports a stabilized, actively managed asset serving renters who value walkable access to the university and other nearby employment and service nodes. While the property was originally developed more than six decades ago, its extensive renovations and proximity to institutional anchors appear to have reinforced its competitive position in the local rental market.
No information was disclosed about the previous financing, any refinancing or recapitalization objectives, or future capital improvement plans tied to the new loan. Terms beyond the five-year, fixed-rate, non-recourse, full-term interest-only structure were not detailed in the release.
