Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $10 million permanent loan to refinance the Sunchase apartments located at 3901 Montgomery Blvd NE in Northeast Albuquerque’s Reindeer neighborhood. The 15-building, class B, garden style complex sits on 10.25-acres with 240-units in a mix of one- and two-bedroom floorplans. Amenities include swimming pool w/ spa, clubhouse, business center, playground, covered parking, and gated access.

Gantry’s Blake Hering, Principal and Kristin Lapinskas, Senior Associate, with the firm’s Portland production office represented the borrower, a private real estate investor group. The low leverage, seven-year, fixed rate loan was secured from one of Gantry’s correspondent life companies and features full-term interest only. Gantry will service the loan for the lender.

According to Gantry’s Blake Hering, “Gantry’s roster of life company lenders remains a highly competitive source for multifamily permanent debt. This was a low leverage request from an experienced sponsor for a quality, actively managed class B asset. The property’s location and the demographics for the area deterred some lenders, but one of our life companies stepped up with remarkably competitive terms to foster a relationship with this top-notch investor group.”