top of page

Perch Apartments

Seattle, WA





May 7, 2024



Capitol Hill Class A Apartment Building and Student Housing Land Lease Financed with Fixed Rate Life Insurance Company Debt; Life Companies Remain Attractive Resource for Multifamily Borrowers

Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a total of $14.5 million in permanent loans for two Seattle multifamily properties, financing both with fixed rate debt. The first loan refinanced the 70-unit Perch Apartments located in the city’s Capitol Hill neighborhood at 500 Belmont Ave E, and the second was an additional funding on an underlying land lease of the Trailside Apartments, a 762-bed University of Washington affiliated student housing community sitting on 2.33 acres, at 4801 24th Ave NE.

Gantry’s Mike Wood, Principal, and Colin Ceithaml, Senior Associate, with the firm’s Seattle production office, represented the un-affiliated borrowers, both private real estate investors. The individual life company loans include:

The Perch Apartments: $10 million, fixed rate, permanent loan featuring full term interest only payments.

Trailside Apartments Land Lease: $4.5 million fixed rate permanent loan reflecting improved asset value post-completion of construction.

According to Gantry’s Mike Wood, “Our production teams continue to identify viable loan options for high quality multifamily assets like The Perch and Trailside Apartments despite a challenging market climate for commercial real estate finance. For many multifamily borrowers, interest only terms are available to offset some of the pain of current rate volatility. Our roster of life company correspondent lenders continue to view well managed multifamily property as a primary allocation target, along with a range of other debt capital sources including agency and conduit lenders. Our teams strive to identify options for the best loan program meeting asset specific goals. In this instance, life company programs provided optimized solutions for two unique assets with strong fundamentals, owned and operated by experienced sponsors at conservative leverage.”

bottom of page