Gantry Secures $23M for KS Multifamily Near Pittsburg State University

Gantry has secured a $22.75 million permanent loan for the University Digs apartment community located at 1902 S Broadway St in Pittsburg, Kansas, directly adjacent to Pittsburg State University.

The three-story, 190-unit property features a mix of studio, one- and two-bedroom floorplans. Originally built in 1960, University Digs has undergone extensive renovations since then. Gantry’s Mark Reichter, Principal, and Alec Frook, Associate, with the firm’s Kansas City production office, represented the borrower, a private real estate investor. The five-year, non-recourse, fixed-rate loan was secured from one of Gantry’s preferred CMBS lenders and features full-term interest only.

“University Digs is a well-located, stabilized asset with active management that performs in both a traditional multifamily and student housing model due to its proximity to Pittsburg State University, Mercy Hospital, and the restaurant, retail and cultural amenities of downtown Pittsburg,” said Reichter.

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