Gantry has secured a $22-million permanent loan to refinance the construction loan for Fireside Flats Apartments, located at 841 NE 68th St. in Seattle’s Roosevelt neighborhood. Mike Wood and Alex Saunders of Gantry obtained the loan on behalf of a private real estate entity.
The 10-year, fixed rate loan was provided by one of Gantry’s correspondent life company lenders at an attractive rate for long-term hold despite volatility in capital markets this season. Wood commented that their correspondent life companies understand multifamily investments and have an appetite for quality projects while bank lenders pull back from lending programs, making it possible to secure attractive fixed rates even now.
Fireside Flats is expected to be completed in 2022 as a six story building with 102 modern units featuring one or two bedroom floorplans plus underground parking and amenities such as fitness centers or rooftop decks depending on unit selection .
