Property Type Mixed
Date January 20, 2016
Gantry arranged combination construction and permanent financing in the amount of $75,000,000 for the Stack House Apartments and Supply Laundry Building located in Seattle, Washington.
Gantry arranged combination construction and permanent financing in the amount of $75,000,000 for the Stack House Apartments and Supply Laundry Building located in Seattle, Washington. The project is a mixed-use apartment community with 278 apartment units and approximately 35,000 square feet of commercial space plus structured underground parking located on a full city block in the emerging South Lake Union neighborhood. The project received LEED platinum certification at completion. Michael Taylor and Patrick Taylor, of Gantry’s Seattle office, arranged the financing for the property owner, Vulcan Real Estate, through State Farm Life Insurance Company, one of Gantry’s correspondent lenders. “The developer was looking to take advantage of the interest rate environment and lock up the financing for both the construction and the permanent loan up front” said Mike Taylor of Gantry, “and State Farm was able to accommodate that request at very attractive loan terms.” At completion in early 2015 the project was sold for $151million and the buyer assumed the existing loan. 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 $8 billion representing 1,000 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 Michael Taylor at (206) 816-6816 or Patrick Taylor at (206) 816-6808