Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $16.25 million permanent loan to refinance the Arbor Ridge II apartments located at 4440 Oakhollow Dr in Sacramento in the city’s North Highlands district. The garden style community features 202-units in one and two-bedroom formats on approximately 9.6-acres and is fully stabilized and performing.

Gantry’s Robert Slatt, Principal, and Alex Poulos, Associate, with the firm’s San Francisco production office represented the borrower, a private real estate investor. The 10-year loan was secured from one of Gantry’s life company correspondents and features interest only terms transitioning to 30-year amortization. Gantry will service the loan.

According to Gantry’s Robert Slatt, “Multifamily remains one of the strongest performing asset classes in the current market cycle, which presents significant options from a large range of lenders for new financings or refinancing maturing debt. For Gantry, optimizing the right loan structure and source is dependent upon the goals established by a borrower and their business plan. Our sponsor-client for Arbor Ridge II needed to retire an existing maturity and redeploy cash out proceeds to bolster refinance at another property. At the same time, ongoing rate volatility focused concerns on a timely and predictable execution. To ensure no surprises and provide certainty of closing, we turned to one of our life company correspondents who will rate lock at application. Conservative underwriting still allowed for necessary cash out proceeds with an attractive rate, five-years interest only, and non-recourse terms.”