Gantry has secured a $30.25 million permanent loan to refinance bridge financing for the Black Lark Apartments located at 1980 N. 2nd St. in Kansas City.

Following its acquisition in December 2023, the garden-style property underwent a comprehensive renovation program. The now fully stabilized, market-rate apartment community features 265 units in one, two, three and four-bedroom formats.

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, fixed-rate loan was provided by a private balance sheet lender with a 30-year amortization.

“The renovation and subsequent stabilized lease up of Black Lark Apartments as a market-rate project is a testament to an experienced sponsor’s vision for a superlative project that had languished under previous ownership,” said Reichter. “After reviewing this requirement against all competing sources, we ultimately landed on a permanent loan from a private balance sheet lender that was able to offer the highest proceeds at terms aligned with a legacy hold.”

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