Gantry has secured a $17.5 million permanent loan to refinance maturing debt for an apartment community in southwest Portland, Oregon.

The three-story, garden-style community comprises 178 units, featuring a mix of one-, two-, and three-bedroom floor plans. The property offers ready access to the concentration of top regional employers in nearby Beaverton as well as Portland’s many urban attractions.

Gantry’s Blake Hering, Principal, Kristin Lapinskas, Senior Associate, and Abi Hunter, Associate, with the firm’s Portland production office, represented the borrower, a private family office. The 10-year, non-recourse permanent loan features 25-year amortization at an attractive fixed rate for a legacy hold. Gantry will service the loan.

“This is a great asset in a great location with excellent sponsorship,” said Hering. “The challenge was that this multi-phase development had three separate but related entities encumbering land and buildings. “In the end, we secured the lender’s position with one deed and three notes.”