Gantry secured a total of $14.5 million in permanent loans for two Seattle multifamily properties, financing both with fixed rate debt. The first loan refinanced the 70-unit Perch Apartments located in the city’s Capitol Hill neighborhood at 500 Belmont Ave E, and the second was an additional funding on an underlying land lease of the Trailside Apartments, a 762-bed University of Washington affiliated student housing community sitting on 2.33 acres, at 4801 24th Ave NE.

Principal Mike Wood and senior associate Colin Ceithaml with Gantry’s Seattle production office represented the un-affiliated borrowers, both private real estate investors. The individual life company loans include $10 million for the Perch Apartments, with a fixed-rate, permanent loan featuring full term interest-only payments; and $4.5 million for the Trailside Apartments land lease, reflecting improved asset value post-completion of construction.

Wood said, “Our production teams continue to identify viable loan options for high quality multifamily assets like The Perch and Trailside Apartments, despite a challenging market climate for commercial real estate finance.”