Gantry, the largest commercial mortgage banking firm in the U.S., has secured a $73 million permanent loan to refinance the Prairie Creek Apartments & Townhomes located 9395 Scarborough St in Lenexa, Kansas, a suburb of the greater Kansas City MSA. The 425-unit, master planned, class A apartment community features a mix of garden style and townhome buildings with one-, two-, and three-bedroom floorplans. Amenities include a clubhouse with billiards, media room, business center, fitness center, resort-style pool with outdoor kitchen and grilling area, full size sports court for basketball and tennis, car wash facility, playground and nearby walking trail access. Unit interiors offer modern kitchens with stainless steel appliances, walk-in closets, in-unit washer/dryer, and 9-foot ceilings.

Gantry’s Mark Reichter, Principal, and Alec Frook, Associate, with the firm’s Kansas City production office represented the borrower, a private real estate investor. The five-year, fixed rate, non-recourse loan was secured through Fannie Mae and includes partial full-term interest only.

According to Gantry’s Mark Reichter, “In a competitive multifamily debt market, high quality, stable assets like this class A community in Lenexa have a range of options when refinancing with permanent debt. Gantry reviews agency, life company, bank and CMBS options to align the best financing program for client investment goals. In this transaction, an agency loan became the best option to deliver the desired proceeds with non-recourse terms at a competitive spread including rate lock rate at commitment for certainty of cost at closing. This enabled sponsorship to successfully recapitalize the asset out of an existing cross-collateralized debt program, maximize proceeds and position for a continued legacy hold.”