Seattle, Wash. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $9.2 million in financing for a 2.23 acre land site in the University District submarket leased to developer Phoenix Property Group (PPG) for the development of a 268-unit, Class A mid-rise multifamily complex currently under construction.

Gantry’s Mike Wood, Principal, and Alex Saunders, Associate, with the firm’s Seattle production office represented the borrower in the transaction. The 10-year loan commitment offers an initial interest-only period at a historically favorable rate and was placed with State Farm.

According to Gantry’s Wood, “The land’s prime location near the University of Washington main campus and the continued demand for quality rental housing outpacing supply in the region provides strong long-term fundamentals for the location. The borrower, rather than selling the land, made the decision to sign a multi-generational land lease with the developer to enjoy continued revenue from the asset. Our focus was to secure funding for this ownership goal that provided the best option for maximizing the returns on that strategy for the next decade.”