Four 55+ Multifamily
August 21, 2022
Permanent Loans for Puget Sound Active Adult Communities Take Advantage of Life Company Rate Lock at Time of Application, an Attractive Forward-Looking Option in Current Lending Cycle
Seattle, Wash. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a total of $ 71.45 million in separate permanent financings to refinance four 55-Plus age-restricted, active adult multifamily properties in the Puget Sound Region. The properties, totaling 440-units, include the following communities: Cottages on the Ridge in Silverdale, Highlands at South Hill in Puyallup, Cooper Point Village in Olympia and StoneRidge on the Park in Tacoma.
Gantry Senior Director Jeff Ballaine, with the firm’s Seattle office, completed the series of financings on behalf of the borrower, Norpoint Communities. The fixed rate, 15-year loans featuring 30-year amortization were secured through one of Gantry’s correspondent life company lenders.
According to Gantry’s Jeff Ballaine, “Life company lenders have emerged as a competitive option to agency multifamily financing in the current cycle for many reasons, but their willingness to lock rate at time of application is a primary motivator for many borrowers in what has become a more volatile, rising rate environment. For some lenders, age restricted multifamily properties can be a challenge to underwrite. Despite this challenge, Gantry was able to engage one of our life company correspondents for all four loans by effectively articulating the sponsor’s experience and success operating these communities to refinance this group of properties at rates attractive to Norpoint’s legacy hold plans.”