Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $10.5 million permanent loan to retire construction debt from the development of the second phase for The Landings on Two Mile apartment community. Located at 110, 112, 114, 118 Teton St in Kalispell, the second phase represents 72 new units in one-, two-, and three-bedroom floorplans. Gantry provided a $16.4 million permanent loan for the property’s 108-unit phase one in 2021.

Gantry’s Demetri Koston, Principal, with the firm’s Spokane production office represented the borrower, a private real estate investor. The 12-year, fixed rate loan was secured from an Agency lender with an upfront interest-only period transitioning to 30-year amortization.

According to Gantry’s Demetri Koston, “The Flathead Valley continues to see a wave of new housing construction, with multifamily projects leading the way in Kalispell. The region’s strong fundamentals and sustained demand have supported continued development at The Landings. However, an extended period of rate volatility had made timing for retiring construction debt on phase two a challenging assignment. Gantry’s ability to review options across the full spectrum of active lenders and monitor rates in a volatile market helped us time what ultimately resulted in an Agency financing at an attractive fixed rate for the cycle to support our client’s plans for a long-term, legacy hold.”