Property Type Mixed
Financing Type Permanent
Date January 28, 2020
The M Building has quickly become a premier address in downtown Spokane, and offers an unparalleled work/live environment to local residents.
Gantry, Inc., the largest independent commercial mortgage banking firm in the U.S., has secured $30 million of permanent financing for the M Building, a luxury 10-story residential building in the heart of downtown Spokane, WA.
Demetri Koston, Principal with Gantry’s Spokane office, arranged the financing on behalf of the borrower. The 25-year loan was arranged with one of many life insurance companies the company represents in the Inland Northwest.
The M is an impressive building originally developed in 1914, and occupied by Bon Marche, and then by Macy’s, before the borrower acquired the property in 2016. The property was converted to a 114-unit apartment building over 40,000 square feet of retail space. The M Building has quickly become a premier address in downtown Spokane, and offers an unparalleled work/live environment to local residents. There are high-end finishes, parking, and the property is pet-friendly, plus most of the apartment units include spectacular vistas. The property is extraordinarily unique, and provides further evidence of the continued investment taking place in downtown Spokane.
Gantry, an independently-held company based in San Francisco, is a full-service mortgage banking firm with an extensive lineup of correspondent lenders and loan production, closing and servicing capabilities. Established in 1991, Gantry is currently staffed by over 75 employees in regional offices throughout the United States. In 2019, Gantry closed over $3.1 billion in loan production and grew its national servicing platform to $13 billion, encompassing over 1,500 loans located in 41 states. Rated as a Primary Servicer by Standard & Poor’s, Gantry is one of a select few non-banking/non-insurance chartered companies with this designation.