Property Type Multi-Family
Financing Type Refinance
Date May 11, 2023
Life Company Loan Retires Construction Debt on Stabilized Class A Apartment Building in Seattle’s Roosevelt District; Life Company Lenders Remain Stable Financing Option for Multifamily Assets
Seattle, Wash. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $22 million permanent loan to refinance the construction loan for the Fireside Flats Apartments located at 841 NE 68th Street in Seattle’s Roosevelt neighborhood. Recently completed in 2022, the stabilized six-story building offers 102 modern units in a mix of one- and two-bedroom floor plans with underground parking and a range of amenities including a rooftop deck with telescope and sixth floor speakeasy lounge with co-working space.
Gantry’s Mike Wood, Principal, and Alex Saunders, Senior Associate, secured the loan on behalf of the borrower, 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.
According to Gantry’s Mike Wood, “This has been a volatile season for the capital markets for sure, however our correspondent life companies understand multifamily, have an appetite for quality projects and are actively pursuing new originations at attractive fixed rates, even as bank lenders pull back from their lending programs. Agencies also remain a viable, stable resource for multifamily borrowers. So, debt liquidity is abundant for multifamily sponsors, especially at low leverage. Gantry works with a roster of more 100 correspondent and affiliated lenders to determine the optimal financing structure to best meet a client’s investment goals. As rates come in and stabilize, we are encouraging those transacting or refinancing pending maturities to start the advisory process early to ensure a full survey of lenders for best option outcomes.”