December 6, 2016
Gantry has arranged $20,850,000 in permanent financing secured by a newly constructed, luxury apartment property totaling 165 units in Henderson, Nevada. The property features best in class amenities including separate garages, a resort-style pool with entertainment area, and a state-of-the-art fitness center.
George Mitsanas, Principal, Chris Funai, Vice President, and Josh Natker, Associate, arranged the fixed-rate financing for the borrower. The 10-year loan was placed with one of Gantry’s correspondent life insurance company lenders using general account funds and provides for an interest-only period followed by a 30-year amortization. An immediate funding of $18,600,000 was used to pay off the existing construction loan and includes an earn-out element of $2,250,000. Gantry will also service the loan.