Property Type Multi-Family
Financing Type Fixed-Rate
Date January 9, 2020
Housing affordability, a strong regional economy and the growing professional workforce make Metro Phoenix multifamily fundamentals appealing to all of our lenders.
Gantry (formerly Newmark Realty Capital, Inc.), the largest independent commercial mortgage banking firm in the U.S., has arranged $7.8 million of financing for the Sierra Grande Apartments & Suites located in Phoenix, AZ. The 179-unit apartment community consists of studios and one-bedroom floor plans specifically targeting the needs of professionals. The community is adjacent to the Paradise Valley and Biltmore submarkets, and features a host of lifestyle amenities and services including: heated swimming pool and spa, controlled access gates, clubhouse, business center, tennis courts, putting green, full covered parking and fully furnished unit options.
“Housing affordability, a strong regional economy and the growing professional workforce make Metro Phoenix multifamily fundamentals appealing to all of our lenders,” said Patrick Barkley, Principal of Gantry. “Gantry is committed to tailoring a solution for each assignment to ensure a unique solution is in place that reflects specific client goals.”
Barkley worked with the borrower to arrange the 10-year, fixed-rate loan through an agency lender. The loan includes interest-only payments for the full 10-year term. The sponsor has owned the property since 2005 and sought to take advantage of the current low interest rate environment to meet long-term ownership and investment goals. Pricing and other terms were not disclosed.
At San Francisco-based Gantry, independent thinking is in our genes. As an independent firm, we take a thoughtful and intentional approach to everything we do. So, as our industry consolidates and becomes less personal, we push ourselves to ignore convention, to set a high standard and to always prioritize people ahead of profits. With 30 years of experience, a $13 billion national servicing portfolio, we’re committed to constructing the best deals for our clients. For those seeking a partner that delivers more, we’re a little different. The right kind of different.