Black Lark Apartments Stabilized for Legacy Hold; Private Balance Sheet Lender Highlights Diversity of Liquidity and Loan Sources in Current Debt Market Environment

Kansas City, Mo. (May 20, 2025) – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $30.25 million permanent loan to refinance bridge financing for the Black Lark Apartments located at 1980 N. 2nd St. in Kansas City. The class B, garden style property underwent a comprehensive renovation program following acquisition in December 2023. The now fully stabilized, market rate apartment community features 265 units in one, two, three and four bedroom formats.

Gantry’s Mark Reichter, Principal, and Alec Frook, Associate, with the firm’s Kansas City production office represented the borrower, a private real estate investor. The five-year, fixed rate loan was provided by a private balance sheet lender with a 30-year amortization.

According to Gantry’s Mark Reichter, “The renovation and subsequent stabilized lease up of Black Lark Apartments as a market rate project is a testament to an experienced sponsor’s vision for a superlative project that had languished under previous ownership. Multifamily assets enjoy the widest number of financing options in a competitive marketplace. On every client assignment, Gantry’s role is to secure an optimized debt structure by reviewing all options against clearly articulated sponsor and asset strengths to maximize investment returns. After reviewing this requirement against all competing sources, we ultimately landed on a permanent loan from a private balance sheet lender that was able to offer the highest proceeds at terms aligned with a legacy hold.”