Property Type Multi-Family
Financing Type Refinance
Date August 27, 2020
The community is located next to the Salish Ponds City Park and near schools and shopping. Community amenities include a clubhouse with leasing office, lounge, movie theater, fitness center, outdoor pool and spa, lake views and nature paths.
Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $20,000,000 in financing for the Lodges at Lake Salish Apartments in Fairview, OR. The 203-unit multifamily property is located on Portland’s eastside at 20699 NE Glisan Street.
Gantry’s Blake Hering, Matt Illias, and Heather Kegler arranged the Freddie Mac loan to refinance an existing loan that was coming due. The financing was structured as a 10-year, full term interest only deal.
“We took the deal to market in early May,” said Hering. “At the time there was a sizable gap between agency and life company pricing. Freddie had the most competitive pricing and offered full term interest only. At closing, the property was in the midst of ongoing exterior renovations.”
The property was constructed in 2004 and consists of 18 buildings spread across the 7.467-acre property. The community is located next to the Salish Ponds City Park and near schools and shopping. The unit mix includes floorplans ranging from 1 bedrooms to 2 bedrooms, with residences averaging 966 square feet in size. Community amenities include a clubhouse with leasing office, lounge, movie theater, fitness center, outdoor pool and spa, lake views and nature paths.
Hering adds, “The deal was attractive to the lender due to the low leverage request, the asset quality, and the fact that it involved a well-capitalized sponsor.”