Property Type Multi-Family
Financing Type Acquisition
Date February 24, 2020
The loan terms include a fixed rate of 10-years with an amortization of 30 years, 80% LTV, with favorable prepayment structure. Mr. Koston was able to identify a very competitive lender within the category and coordinated a timely closing within the time frame of the acquisition.
Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $3.60 million in permanent financing for two adjacent affordable housing apartment properties located in Pullman, WA. With a total of 77 residential units and qualified for low income housing tax credits, these types of properties can propose multiple challenges to lenders, which would require a more specialized approach.
Demetri Koston, Principal, with Gantry’s Spokane office, arranged the financing on behalf of the borrower exclusively. The loan terms include a 10-year fixed-rate with a 30-year amortization, 80% LTV, and a favorable prepayment structure. Mr. Koston was able to identify a very competitive lender within the category and coordinated a timely closing within the time frame of the acquisition.
Gantry, a privately held company based in San Francisco, is a full-service commercial mortgage banking firm. Established in 1991 as Newmark Realty Capital, Gantry is staffed by 90 employees in its regional offices. Gantry is the correspondent/servicer on behalf of a roster of the leading life insurance, CMBS and Agency lenders in the nation, placing over $4 billion per year in loans. Gantry’s national servicing platform exceeds $16 billion, representing over 2,000 loans located in 40 states. Gantry is rated as a Primary Servicer by Standard & Poor’s and is one of a select few non-banking/non-insurance-chartered companies with this designation.