Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured permanent loans totaling $28 million for two stabilized, high-quality suburban apartment communities in Oregon. The mature, actively maintained garden-style properties, Main Street Village in Tigard and The Ridge at Mountain Park in Lake Oswego, total 373-units and feature a range of amenities including swimming pools, club houses and covered parking and/or garages.

Gantry’s Blake Hering, Principal, and Kristin Lapinskas, Senior Associate, with the firm’s Portland production office represented the borrower, a private real estate group. Both seven-year, fixed rate, non-recourse loans were provided by one of Gantry’s correspondent insurance company lenders and include either full-term or partial term interest only. Gantry will service the loans on behalf of the lender.

According to Gantry’s Blake Hering, “Gantry’s network of insurance company correspondent lenders continues to be an attractive, competitive option for permanent loans on stabilized multifamily property. For this sponsor retiring maturing debt from two well established, high quality garden-style communities, the inclusion of full or partial term interest only payment structures have positioned the properties for a continued legacy hold. These loans optimize cash flows, reward stabilized occupancy, and reflect investments in active management.”