Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a permanent loan to fund the acquisition of the Sonder Fields Apartments, a class A multifamily complex located at 14798 SE Parklane Drive in Happy Valley, Ore., a Portland MSA suburb. The property features 180-units in eight garden-style buildings offering a mix of one-, two-, and three-bedroom floorplans across eight-acres. A partial list of amenities includes clubhouse, co-working spaces, pool and spa, fitness center, EV charging stations, in-unit washer/dryer, and covered parking.

Gantry’s Blake Hering, Principal, and Abi Hunter, Associate, with the firm’s Portland production office secured the loan on behalf of the borrower. The 12-year, fixed rate loan was provided by one of Gantry’s insurance company correspondents with 30-year amortization and later-term prepayment flexibility.

According to Gantry’s Blake Hering, “The market is beginning to transact again as loan maturities and price discovery begin to align values for buyers and sellers. The more recent ascent of treasury yields following the Fed’s September rate cut has created new rate volatility entering the fourth quarter of 2024. However, a life insurance company execution with a rate lock at the time of application was a strategic advantage for our client. Here, an experienced owner was able to seize a great addition for their portfolio by moving quickly on a stabilized, new construction project at below replacement cost. A win for buyer, seller, and lender!”