Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $24.4 million permanent loan as construction takeout financing for the Edison at Chapel Hills apartments located at 970 Menlo Park Point within the Briargate neighborhood of Colorado Springs, a top-ranked master planned community in the city’s northwest region. The recently completed and stabilized Class A multifamily community features three four-story buildings on approximately seven acres offering 171-units in studio, one-, two- and three-bedroom floor plans. In-home amenities include high ceilings, modern kitchens, premium vinyl plank flooring, and in-unit washer/dryer. Property amenities include a heated pool, 24-hour fitness center, golf simulator, pet spa, dog park, EV charging, and garage parking.

Gantry’s Joe Monteleone, Principal, and Bonnie Monteleone, Senior Associate, represented the borrower, a private real estate investor. The 10-year, non-recourse, fixed rate loan was secured from Freddie Mac and includes partial term interest only then 35-year amortization.

According to Gantry’s Joe Monteleone, “We continue to track a range of loan programs for stabilized, recent vintage multifamily construction, with both the life companies and agencies competing aggressively on spread and terms for attractive permanent debt on performing assets. Freddie Mac’s current 10-year program for stabilized assets allowed us to maximize proceeds, secure a brief interest only period to support heightened front end cash flows, and position the asset long-term for a legacy hold investment strategy.”