Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $15.6 million bridge loan to fund the acquisition and redevelopment of the Santa Ana Apartments located at 3737 Ashby Road in Saint Ann, Missouri, a North St. Louis suburb adjacent to Lambert-St. Louis International Airport. The 14-story, 169-unit complex was acquired vacant, and will be transformed into market rate multifamily housing through a comprehensive renovation program also funded by the loan. The property’s strategic location provides convenient access to the city’s large park system, including Tiemeyer Park and McDonnell County Park, and major workforce transportation corridors including direct access to I-70, I-170, and local bus/MetroLink options.

Gantry’s Mark Reichter, Principal, and Alec Frook, Associate, with the firm’s Kansas City office represented the borrower, a private real estate investor. The three-year, fixed rate bridge loan was secured from one of Gantry’s correspondent insurance company lenders and features upfront interest only terms. Gantry will service the loan for the lender.

According to Gantry’s Mark Reichter, “Gantry’s exclusive roster of insurance company correspondents remains a competitive resource for strategic, fixed rate bridge financing supporting assets in or planned for transition when a clear path to enhanced value exists with a qualifying sponsor. Market-rate multifamily positioned to serve as workforce housing remains a high-demand commodity throughout the St. Louis region. This project offered an experienced sponsor the opportunity to acquire a 100% vacant apartment tower primed for redevelopment and its next era of relevancy. Funding is now set for the strategic renovation of the Santa Ana Apartments, with this loan tailored to support the borrower through upfront interest only terms during construction and early lease up.”