Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured an $11.5 million loan for the acquisition of The Life at Highland Village apartment complex located at 8619 East 61 Terrace in Kansas City, within the Lewis Heights neighborhood on the city’s East Side. The 200-unit garden style property includes 11 buildings offering a mix of one- and two-bedroom floorplans with a majority units featuring recent appliance upgrades and new modern finishes. Amenities include extensive grass-covered open space, a swimming pool, children’s playground, and dog park.

Gantry’s Mark Reichter, Principal, and Alex Frook, Associate, with the firm’s Kansas City production office represented the borrower, a private real estate investor. The three-year, fixed rate loan was provided by one of Gantry’s correspondent insurance company lenders and features an upfront interest only period followed by 30-year amortization.

According to Gantry’s Mark Reichter, “This was a unique assignment for an acquisition transaction that was stalled by a loan default before a successful sale could be concluded by past sponsorship. Our team, working in collaboration with the buyer and the structured finance team at MMG, was able to maintain underwriting and loan access to enable sponsorship to rapidly finalize the acquisition with the foreclosing lender. This is an excellent value add acquisition. Prior ownership had positioned the asset for future success with a strategic cap-ex program including upgrades to many of the property’s units and extensive complex wide exterior improvements. This loan positions new sponsorship to leverage their local market expertise to improve leasing and occupancy and complete a full renovation for remaining units over time as they guide the property back to full occupancy and stabilization.”