top of page

Albany Apartments

Albany, OR





April 11, 2024



Agency Financing Retires Construction Funding for Class-A Apartments in Albany; Multifamily Remains Primary Target for Most Lenders Including Agencies, Life Companies, Conduits and Banks

Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $40.5 million permanent loan to retire construction financing for the recently completed and now stabilized class-A apartment project in Albany, OR. The 264-unit complex boasts a variety of floorplans, including 1-, 2-, and 3-bedroom options, spread across 23 buildings nestled on approximately 17 acres of land. The property also includes a clubhouse offering a pool, therapeutic hot tub, sauna, 24/7 fitness center, and theater room as well as a sports court, playground, and off-leash dog park.

Gantry’s Blake Hering, Principal, and Crischell Bacarro, Associate, with Gantry’s Portland and Los Angeles production offices, respectively, represented the borrower, a private real estate investor. The 5-year, interest-only agency loan was provided by Fannie Mae via Walker & Dunlop with an attractive fixed rate.

According to Gantry’s Blake Hering, “The apartment project was successfully stabilized following its delivery in 2023, and our team was able to secure an optimized permanent loan for the sponsor to retire the project’s maturing construction financing. Multifamily properties hold a primary allocation target status among the majority of Gantry's debt capital providers, and this requirement, as all client requirements, was engaged in discussions with a diverse range of capital sources. It became clear after this survey that an agency loan best met an experienced sponsor’s legacy hold investment plans.”

bottom of page