Lakeview at the Bay
September 5, 2023
Lakeview at the Bay Apartment Complex in Tempe Refinanced with Permanent Debt; Insurance Company and Agency Lenders Competing for Similar Quality Multifamily Loans
Phoenix, Ariz. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $16.5 million permanent loan to refinance the Lakeview at the Bay apartment complex located at 995 E. Baseline Road in Tempe, a Metro Phoenix East Valley suburb. The 34-building, 370-unit, Class B complex built in 1985 has enjoyed stable occupancy with an attentive, long-term sponsor actively managing, improving, and leasing this lake-fronting complex, a unique regional amenity.
Gantry Principals George Mitsanas and Tim Storey, with the firm’s Los Angeles and Phoenix production offices respectively, working with Associate Keegan Bridges secured the loan on behalf of the borrower, a long-time Gantry client. The low leverage, 10-year, fixed rate loan was placed with one of Gantry’s correspondent insurance companies, and features interest only terms for the life of the loan. Gantry will also service the loan.
According to Gantry’s George Mitsanas, “Gantry strives to position our clients for long-term success and earn their repeat business. After placing this sponsor in numerous financings over the years, we were once again able to meet their strategic investment goals with a superior loan option for a legacy hold in what is a volatile market climate.”
Gantry’s Tim Storey added, “The Phoenix Metroplex continues to offer strong multifamily fundamentals, and our correspondent insurance companies view both the region and asset class as one of their primary allocation targets. As banks retreat from new origination in the current cycle, our insurance correspondents offer a stable and ready capital resource for borrowers, who will also see competitive options from the agencies, a luxury of the asset class. We review all options to find the best fit for a client’s goals.”