Gantry Secures $12M for 83-Unit Seattle MF Property
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Gantry secured a $12.1 million permanent loan to refinance The Park at Auburn apartments. Located at 510 M St SE in Auburn, Washington. The two-story, 83-unit complex is 100% occupied.
Gantry’s Mike Wood, Principal, and Alex Saunders, Associate, secured the loan for a long-standing client borrower, a private investor. The seven-year loan was placed with Fannie Mae at an attractive rate after meeting affordability requirements, featuring interest only for the full term. The lender was also able to size the loan utilizing a 35-year amortization / 1.25x debt service coverage ratio, which resulted in additional loan proceeds.
“Agency and insurance company loans continue to be a great resource for multifamily sponsors as banks pull back from their commercial lending programs,” said Wood. “For any property that can meet Agency affordability requirements, options can be even more generous in the current cycle, especially appealing to owners looking to refinance in a higher rate environment.”
Gantry Secures $12M for 83-Unit Seattle MF Property
Gantry Secures $12M for 83-Unit Seattle MF Property
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Gantry secured a $12.1 million permanent loan to refinance The Park at Auburn apartments. Located at 510 M St SE in Auburn, Washington. The two-story, 83-unit complex is 100% occupied.
Gantry’s Mike Wood, Principal, and Alex Saunders, Associate, secured the loan for a long-standing client borrower, a private investor. The seven-year loan was placed with Fannie Mae at an attractive rate after meeting affordability requirements, featuring interest only for the full term. The lender was also able to size the loan utilizing a 35-year amortization / 1.25x debt service coverage ratio, which resulted in additional loan proceeds.
“Agency and insurance company loans continue to be a great resource for multifamily sponsors as banks pull back from their commercial lending programs,” said Wood. “For any property that can meet Agency affordability requirements, options can be even more generous in the current cycle, especially appealing to owners looking to refinance in a higher rate environment.”
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