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Gantry Secures $40M for Seattle Multifamily
Gantry has secured a $40 million permanent loan to refinance The Mercer Apartments located at 7650 SE 27th Street & 2558 76th Ave. SE on Mercer Island, a Puget Sound community positioned between Seattle and Bellevue, Washington.
The unit mix includes studio, one-, and two-bedroom floorplans, with the property’s street-fronting retail space leased to a range of tenants, including a restaurant, nail salon, and interior design studio and showroom.
Gantry’s Mike Wood, principal, and Alicia Sabanero, associate with the firm’s Seattle production office, secured the loan on behalf of the borrower, a private real estate investor. The 10-year life company non-recourse loan provided an attractive fixed rate with full-term interest-only payments.
“We continue to identify a variety of attractive loan options in the current cycle for multifamily assets from our roster of life company lenders,” said Wood. “Mercer is a superior class A property at a superlative location offering strong long-term fundamentals with a conservative client operating and maintaining the property to its best and highest potential.”
