December 5, 2023
Skyview Lofts in Kalispell Navigates Capital Markets Volatility to Secure Fixed Rate Agency Loan for Legacy Hold; Agencies Offering Appealing Interest Only Vehicles for Stabilized Properties
Kalispell, Mont. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $8.2 million permanent loan to retire construction financing from the development of Skyview Lofts, a 48-unit luxury multifamily community located at 2105 3rd Ave E in Kalispell, Mont. The new community offers a range of one- and two-bedroom units, featuring open floor plans, high speed fiber optic internet, in-unit washers and dryers, and door-to-door trash service with proximity to restaurants, bars, parks and shopping, and the region’s vast outdoor amenities and national parks.
Gantry’s Demetri Koston, Principal, with the firm’s Spokane production office secured the loan on behalf of the borrower, a private real estate company. Fannie Mae funded the 10-year loan at an attractive rate with 30-year amortization and full-term interest only payments.
According to Demetri Koston, “All real estate is local, and while this is a superior class A development, it came out of construction at a winter low point for leasing in its local submarket. This delayed initial stabilization, which in turn subjected the property to the current rate volatility impacting commercial real estate financing across all asset classes. Gantry was able to position the development to ultimately secure an optimized permanent agency loan at the earliest opportunity to maximize proceeds and position the property for a successful legacy hold.”