Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $20.7 million in permanent loans to refinance maturing debt for two Pacific Northwest multifamily communities located in Washington and Oregon. The subject loans include a $13.3 million loan for the 134-unit Boxcar Apartments located at 15 N Grant Street in Spokane, Wash., and a $7.4 million loan for the 70-unit Treehouse Apartments located at 3440 SW US Veterans Hospital Rd in Portland, Ore. Both communities feature modern construction and contemporary interiors, at locations near local employers, universities, and local retail and cultural districts.

Gantry’s Blake Hering, Principal, Charlie Kokernak, Director, and Hrishi Bukshin, Associate, with the firm’s Portland production office represented the borrower, a private real estate investor. Both five-year, fixed rate, non-recourse, full-term interest only loans were secured from an institutional balance sheet lender on Gantry’s vetted roster of debt sources.

According to Gantry’s Blake Hering, “Multifamily continues to enjoy the widest range of potential debt sources, with agencies, life companies, banks, debt funds and CMBS lenders competing for assets that align with their targeted allocations. In a volatile rate climate, many borrowers continue to weigh variable rate and recourse-driven options against fixed rate non-recourse permanent debt to maximize debt service coverage at the cost of sustained stability. In this climate, Gantry continues to find viable permanent debt solutions with our life company correspondents and roster of vetted peer sources that can meet the needs of our clients seeking capital cost stability for legacy hold investments.”