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Gantry Secures $23M for Washington MF Property
Gantry has secured a $23 million permanent loan to refinance the Mission Hills Apartments located at 11900 NE 18th St in Vancouver, Washington.
The property includes 556 units in a garden-style format, featuring a mix of one-, two-, and three-bedroom units in multiple buildings on approximately 33 acres. It also includes a clubhouse, pool and spa, and other Class A amenities. The loan retires two maturing loans placed on different phases of the property.
Gantry’s Blake Hering, Principal, and Abi Hunter, Associate, with the firm’s Portland production office, represented the borrower, a private real estate family. The 10-year, fixed-rate loan was secured through one of Gantry’s correspondent life company lenders and features non-recourse terms and 30-year amortization.
“Multifamily remains one of the most sought-after asset classes for lenders. A stabilized, high-quality asset like Mission Hills operated by an experienced sponsor elicits the market’s best pricing,” said Hering. “Ultimately one of our exclusive Life Insurance Company Lenders offered terms that were unmatched.”
