Gantry, a leading commercial real estate finance firm, has successfully secured $38.15 million in construction financing for The Lawrence Apartments in Buffalo, NY. This Class A project is located at 983 Michigan Ave and will consist of a four-story building with 132 units. Strategically situated next to the Buffalo Niagara Medical Campus, this development is expected to attract high-end tenants.
The loan was obtained from a reputable regional bank and features a fixed interest rate with a construction-to-mini-perm structure over the course of five years. Gantry’s Daniel Monte from their Phoenix production office played an instrumental role in securing this loan on behalf of the private real estate joint venture.
According to Daniel Monte, obtaining construction financing during these post-pandemic times posed its own set of challenges due to market volatility. However, as material and labor costs have stabilized recently, it has become easier for lenders like Gantry to accurately underwrite loans based on true cost and projected value.
This successful transaction by Gantry further solidifies their expertise as one of the top players in commercial real estate finance industry.
