Gantry, a real estate finance firm, has successfully obtained a $23 million permanent loan to refinance the Mission Hills Apartments in Vancouver, Washington. The property consists of 556 units spread across 33 acres and offers one-, two-, and three-bedroom options in multiple buildings designed with garden-style architecture. It boasts top-notch amenities such as a clubhouse, pool and spa, making it an attractive Class A property.
The loan was used to pay off two previous loans that were due on different phases of the property. Gantry’s Principal Blake Hering and Associate Abi Hunter from their Portland office represented the borrower – a private real estate family – in securing this financing solution. The 10-year fixed-rate loan was secured through one of Gantry’s correspondent life company lenders with non-recourse terms and features a 30-year amortization schedule.
According to Hering: “Multifamily properties continue to be highly sought-after by lenders. With its stable occupancy rate and exceptional quality standards maintained by an experienced sponsor like Mission Hills’ owner/operator team, we were able to secure competitive pricing for our client.” He added that ultimately they received unmatched terms from one of their exclusive Life Insurance Company Lenders.
This successful transaction showcases Gantry’s expertise in arranging financing solutions for multifamily properties while leveraging their strong relationships with reputable lending institutions.