Property Type Multi-Family
Financing Type Refinance
Date August 11, 2020
The Class A luxury apartment development was delivered this year and consists of three interconnected buildings situated on a 1.02-acre lot located near downtown.
Gantry Inc., the largest independent commercial mortgage banking firm in the U.S., secured $9,814,800 in permanent financing for The Lake Apartments, a newly-constructed, 46-unit multifamily property in Coeur d’Alene, Idaho. Gantry’s Demetri Koston and Joyce Chen arranged the 12-year fixed term Fannie Mae refinancing, which includes a $1.5-million cash-out.
“Gantry exclusively represented the borrower in tapping our wide array of lending relationships including Fannie Mae and Freddie Mac, CMBS, local banks and credit unions,” says Gantry’s Koston. “Given the borrower’s preference for cash-out, non-recourse, and interest-only terms, it was determined that Fannie Mae’s offering was the best fit.”
The Class A luxury apartment development was delivered this year and consists of three interconnected buildings. The property contains a mix of studio, one-, two-, and three-bedroom units situated on a 1.02-acre lot located near downtown.
“The high-end property sets the market on new rents, which created challenges to secure comps,” added Koston. “Factors weighing in the borrower’s favor are The Lake Apartments excellent location near downtown Coeur d’Alene, as well as parks and the lake. Additionally, the Coeur d’Alene Resort and its associated mall is a roughly 10-minute walk from the property. The property also offers a broad unit mix that appeals to a variety of potential tenants.”