DECEMBER 6, 2016
HENDERSON, NV – Gantry has arranged $20,850,000 in permanent financing secured by a newly constructed, luxury apartment property totaling 165 units in Henderson, Nevada. The property features best in class amenities including separate garages, a resort-style pool with entertainment area, and a state-of-the-art fitness center.
George Mitsanas, Principal, Chris Funai, Vice President, and Josh Natker, Associate, arranged the fixed-rate financing for the borrower. The 10-year loan was placed with one of Gantry’s correspondent life insurance company lenders using general account funds and provides for an interest-only period followed by a 30-year amortization. An immediate funding of $18,600,000 was used to pay off the existing construction loan and includes an earn-out element of $2,250,000. Gantry will also service the loan.
Gantry is a full service mortgage banking firm with an impressive 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 approximately $9 billion representing over 1,000 loans. Gantry is 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. In addition to other income property types, Gantry has extensive multifamily experience providing financing for construction, lease-up, and stabilized projects.