On behalf of a major private West Coast investor, Gantry has arranged a $62,000,000, 12-year fixed-rate loan facility, for a 334-unit 1970s vintage apartment community located in Bellevue, Washington. Within the loan facility are funds to complete a “deep” renovation and upgrade of the project’s interiors, exteriors and common areas, as well as an earn-out component to be funded post-renovation as the projected rents are achieved. The rate is fixed on the entire loan facility and interest does not accrue on the unfunded commitment. Gantry’s Peter Welsh, Braden Turnbull, Peter Hillakas, Skip Slavin and Doug Tisdale arranged this facility through one of Gantry’s life insurance company correspondent lenders.

Gantry is a full service mortgage banking firm with a strong lineup of correspondent lenders utilizing Gantry’s production, closing and servicing capabilities. Established in 1991, Gantry is currently staffed by over 60 employees in regional offices throughout the western United States. The company services over $7.5 billion representing 900 loans. Gantry has been rated as a Primary Servicer by Standard and Poor’s and is one of a select few non-banking/non-insurance chartered companies with this designation.

For more information on this transaction, please contact Pete Welsh at 310-846-5298, Braden Turnbull at 310-846-5301, Peter Hillakas at 310-846-5315, Skip Slavin 206-816-6814, or Michael Heagerty at 415-956-9854.