April 1, 2023
Cypress Apartments in Yesler Terrace Secures Long-Term Fixed Rate Loan for Stabilized New Construction Delivered in 2019; Multifamily Asset Class Remains Favored by Fixed Rate Lenders
Seattle, Wash. – Gantry, the largest employee owned commercial mortgage banking firm in the U.S., has secured $53.5 million of permanent financing for the Cypress Apartments located at 120 Broadway in Seattle’s Yesler Terrace community. The 237-unit, six-story, class A, market rate apartment complex was completed in 2019 as part of the strategic Yesler public housing redevelopment, a complete transformation of a 30-acre public housing community to include 5000 new housing units for all income types – low income, affordable and market rate.
Gantry’s Michael Taylor, Principal, and Alex Saunders, Senior Associate in Gantry’s Seattle production office working in conjunction with Russ Cree of Glacier Real Estate Finance secured the financing on behalf of the borrower, a private real estate entity that Gantry has worked with for over 20 years. The loan was presented to dozens of potential sources and ultimately the 5-year, fixed rate loan was secured through a credit union that was best able to meet the borrowers needs.
According to Gantry’s Michael Taylor, “The shifts in today’s commercial mortgage marketplace require an advisor with a wide knowledge of the capital markets to identify the best loan solution in a fluid and volatile climate. In this financing, we reviewed the full spectrum of options including other bank, life company and agency sources. Ultimately a credit union was able to provide a loan with the structure, pricing and flexibility that best met the borrower’s needs. Given the volatility in the market today it is more important now than ever to review of all potential capital sources to make certain that the best solution is achieved. Ultimately, every financing will be unique to its local market, asset quality, and sponsorship quality.”