Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $9.35 million permanent loan to refinance existing debt for the Memorial Towers apartments located at 5400 Memorial Drive in Houston, Texas. The recently renovated mid-century property enjoys panoramic views of the downtown skyline from a location adjacent to the city’s famed Memorial Park. The nine-story tower features 112-units in studio, one- and two-bedroom floorplans. Renovations include upgraded unit interiors, resort style pool, clubhouse, speak easy style lounge, fitness center, pickle ball court, dog park and lobby.

Gantry’s Jeff Matlock, Director, Joe Foley, Senior Associate, and Claire Jones, Associate, with the firm’s San Francisco production office represented the borrower, a private real estate investor. The 10-year loan was secured from a regional bank identified by Gantry from its extensive roster of debt sources, featuring an attractive fixed rate with prepayment flexibility.

According to Gantry’s Jeff Matlock, “The project has had substantial improvement since purchase 9 months prior.  This loan helped the borrower obtain cash out, a lower rate, more favorable prepayment structure.  It was an opportunistic refinance for the borrower and gave them a new fixed rate term. The borrower had competing life company loan options but choose the comfort of a bank structure with recourse.”