Seattle & Northwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Gantry Secures $8M Permanent Construction Takeout Loan for Montana MF
Commercial mortgage banking firm Gantry has secured a $8.2 million permanent loan to retire construction financing from the development of Skyview Lofts, a 48-unit luxury multifamily community located at 2105 3rd Avenue E in Kalispell, Montana.
Gantry’s Demetri Koston, principal, with the firm’s Spokane production office secured the loan on behalf of the borrower, a private real estate company. Fannie Mae funded the 10-year loan at an attractive rate with a 30-year amortization and full-term interest-only payments.
The new community offers a range of one- and two-bedroom units, featuring open floor plans and in-unit washers and dryers. The property is located in close proximity to restaurants, bars, parks, shopping and national parks.
“Gantry was able to position the development to ultimately secure an optimized permanent agency loan at the earliest opportunity to maximize proceeds and position the property for a successful legacy hold,” said Koston.
