Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured an $18 million permanent loan to refinance the Windsor Crossing apartment community located at 5303 W John Gay Drive in Spokane, Wash. The duplex-style apartment community includes 224 two-, three-, and four-bedroom units across 132 buildings located on 77-acres. The complex, originally built in 1959 as housing for the Fairchild Air Force Base, underwent an extensive improvement program completed in 2015 when it was re-introduced as Windsor Crossing. The community today offers a serene, secluded park-like setting, playground, community center and 24-hour fitness center. Each unit also features an enclosed backyard and attached garage with storage.

Gantry’s Demetri Koston, Principal, and Tim Brown, Senior Associate, with the firm’s Spokane and Seattle production offices represented the borrower, a private real estate investor. The 10-year loan was secured through Fannie Mae at an attractive fixed rate with 30-year amortization.

According to Gantry’s Demetri Koston, “For stable, high quality multifamily properties like Windsor Crossing, there is a competitive marketplace with lender options for sourcing permanent debt at attractive rates. Gantry’s role in the process is to optimize the desired financing to best serve long-term client goals. After navigating a few key underwriting hurdles following a review of the full spectrum of debt sources, including both agencies, life companies and others, we were able to secure a ten-year Fannie Mae loan at a rate 50 basis points below other options to successfully position this asset for a long-term legacy hold.”