Gantry has arranged permanent financing in the amount of $31,000,000 for a 280 unit, Class A, luxury apartment community located in northwest Las Vegas in the master-planned community of Summerlin.

George Mitsanas, Principal, and Doug Tisdale, Associate, in Gantry’s Los Angeles office, and Chris Funai, Vice President, in Gantry’s Las Vegas office, arranged the fixed-rate, non-recourse financing for the borrower, a Las Vegas based developer and manager of high-end multi-family properties in the southwestern U.S. The 10 year loan was placed with one of Gantry’s correspondent life insurance company lenders and provides for interest only for the first 2 years followed by a 30 year amortization.

Located in northwest Las Vegas, Summerlin is a 22,500-acre master planned community just 20 minutes from the Las Vegas Strip and McCarran Airport. The master plan’s population is expected to double to 200,000 when fully developed and is expected to have an average household income of $128,000.   Summerlin is among the most affluent communities in Nevada.

Gantry is a full service mortgage banking firm with a strong lineup of correspondent lenders utilizing Gantry’s production, closing and servicing capabilities.   Established in 1991, Gantry is currently staffed by over 60 employees in regional offices throughout the western United States. The company services over $7 billion representing 900 loans. Gantry has been rated as a Primary Servicer by Standard and Poor’s and is one of a select few non-banking/non-insurance chartered companies with this designation.

For more information on this transaction please contact George Mitsanas at (310) 846-5299, Chris Funai at (702) 304-0437 or Michael Heagerty at (415) 956-9854.