Property Type Multi-Family
Financing Type Acquisition
Date January 21, 2021
“Gantry championed the borrower’s long-term plans for the property, securing the most favorable terms available for the loan and bolstering lender confidence by clearly articulating the strong fundamentals of Spokane from our substantial local knowledge.”
Spokane, Wash. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $20.8 million in financing for the $34 million purchase of the 232-unit Northern Heights Apartments community in Airway Heights, Wash. on behalf of a private Tenant-in-Common (TIC) investment entity focused on long-term ownership of the asset.
Gantry’s Demetri Koston, Principal, and Joyce Chen, Associate, structured the loan on behalf of the borrower. The 15-year loan was placed with Fannie Mae at favorable terms, including a fixed interest rate with an interest-only payment structure for the majority of the term.
According to Gantry’s Koston, “The TIC ownership entity is an appealing structure for private investment in real estate, however it can present underwriting challenges as each participating investor needs to be vetted during the process. Gantry championed the borrower’s long-term plans for the property, securing the most favorable terms available for the loan and bolstering lender confidence by clearly articulating the strong fundamentals of Spokane from our substantial local knowledge.”
Gantry has operated and staffed a dedicated Spokane production and client service office for more than a decade. Further, Gantry is the only major commercial mortgage banking firm with a dedicated office serving Eastern Washington and the greater Inland Northwest region through accessible commercial mortgage finance experts. The Spokane region, with its growing relevancy in technology and logistics and historic strengths in agriculture and destination travel, has weathered the many disruptions of 2020 in resilient fashion, with regional expectations for a strong 2021 and renewed growth expected to emerge by mid-year across the region’s diversified economy.