Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $39.5 million permanent loan as construction takeout financing for the Edison at Woodbury apartments located at 326 Karen Drive in Woodbury, Minn., a fast-growing Twin Cities suburb east of St. Paul. The recently completed, Class A podium-style mid-rise apartment building also includes a limited mix of satellite townhome and carriage house units featuring living space and attached garage parking, with the community offering a total of 207-units in one-, two-, and three-bedroom floorplans. All units feature plank flooring, modern kitchens with stainless steel appliances, in-unit washer and dryer, walk in closets, patios/balconies, and expansive closets. Edison at Woodbury’s shared amenities include a resort style pool and outdoor recreation space, fitness center, co-working space, and clubhouse facilities.

Gantry’s Joe Monteleone, Principal, and Bonnie Monteleone, Senior Associate, with the firm’s St. Louis production office represented the borrower, a private real estate investor. The 10-year, fixed rate, non-recourse loan was secured from Freddie Mac and features five years of interest only transitioning to 35-year amortization.

According to Gantry’s Joe Monteleone, “Accessibility to a range of quality multifamily financing options remains high in the current marketplace. We continue to see competitive programs for permanent debt from both Fannie and Freddie, life companies, banks and CMBS lenders. Each sponsor client will have a different set of investment imperatives to align with the best option. This is especially true for modern, new construction class A assets that are performing through to stabilization. For Edison at Woodbury, the blend of interest only and 35-year amortization terms at relevant proceeds provided by Freddie Mac resonated best with plans for a legacy hold.”