Property Type Multi-Family
Financing Type Construction
Date April 14, 2022
The project is located at 6477 Lakeshore Road and will feature 12 three-story buildings featuring one- and two-bedroom apartments and a clubhouse. The 24-acre property will also include walking trails, a boat launch, and a 100-slip marina.
Lakeshore at Loso Set to Deliver 248-Units on 24-Lakefront Acres in Greater Syracuse, N.Y. Region; Banks Accessible Source for Private Developers Seeking Construction Financing for New Projects
Syracuse, N.Y. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $47.48 million of construction financing for Lakeshore at Loso, a 248-unit, market rate apartment community on the Lake Oneida waterfront in the town of Cicero, N.Y., a Syracuse-MSA suburb. The project is located at 6477 Lakeshore Road and will feature 12 three-story buildings featuring one- and two-bedroom apartments and a clubhouse. The 24-acre property will also include walking trails, a boat launch, and a 100-slip marina.
Gantry’s Daniel Monte, Senior Director, with the firm’s Buffalo production office and Jack Stelianou, Associate, with the firm’s Phoenix office represented the borrower, Central N.Y.-based TreyJay Loso LLC. The 3-year loan with a 1-year extension option was placed with a regional bank. Rate and additional terms were undisclosed. For private developers, regional banks and/or banks where sponsors have established transactional history remain the favored lender for construction loans, although options do exist in the current market cycle.
According to Gantry’s Daniel Monte, “This site is a prime location, on the waterfront and near a major population center. Syracuse, like any urban MSA, is struggling to keep up with housing demand. Projects that deliver new, quality housing stock in accessible secondary and even tertiary suburban communities with strong multifamily fundamentals like Cicero are meeting that market demand. Banks are often well suited to underwrite and administer construction loans, with in-house teams of experts in region-specific market fundamentals, valuation, risk assessment and costs analysis. Life companies, bridge lenders and various debt funds can also be viable sources for construction debt at various equity requirements and rate structures. Gantry works with our clients to identify the best financing option for their investment goals, and that requires analysis and a full survey of market options. The key to maximizing value is having a great project in a great location with an experienced team that has a clear vision and a path to completion.”