Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured two $20 million permanent loans for a single sponsor to refinance maturing debt for a pair of suburban Portland class B apartment communities. The properties include Squires Court in Clackamas and Riverwood Heights in Tigard. Both are stabilized, high-quality, garden-style assets featuring a mix of one-, two-, and three-bedroom floorplans and combine for a total of 475-units. Common amenities across both communities include swimming pools, clubhouses, in-unit washer and dryer, onsite property management and well-maintained structures and landscaping.

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 pair of five-year, fixed rate, non-recourse permanent loans were secured from one of Gantry’s correspondent life company lenders and feature a full-term interest only payment schedule. Gantry will service the loans for the single lender providing both loans.

According to Gantry’s Blake Hering, “In a competitive debt market where a range of lenders are vying to deploy their capital allocations to high quality multifamily assets, life companies continue to shine as a preferred source for permanent financing on stabilized multifamily assets. Rate lock at application, streamlined underwriting, non-recourse structures, personalized servicing, and the potential for interest only terms are appealing to long-term owners planning or continuing a legacy hold. Both of these subject assets benefit from active management and an experienced sponsor group, ongoing maintenance and upkeep, stable occupancy, and strategic locations in popular Portland suburbs.”