Home Finance $20.8MM in Long-Term Financing Secured for 232-Unit Spokane Multifamily Acquisition

$20.8MM in Long-Term Financing Secured for 232-Unit Spokane Multifamily Acquisition

Spokane, Gantry, Northern Heights Apartments, Airway Heights

Northern Heights Apartments Sits West of Spokane’s Municipal Border in Location Serving the Region’s Fast Growing Logistics Hubs and Related Employment Clusters

Spokane, Wash. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $20.8 million in financing for the $34 million purchase of the 232-unit Northern Heights Apartments community in Airway Heights, Wash. on behalf of a private Tenant-in-Common (TIC) investment entity focused on long-term ownership of the asset.

Gantry’s Demetri Koston, Principal, and Joyce Chen, Associate, structured the loan on behalf of the borrower. The 15-year loan was placed with Fannie Mae at favorable terms, including a fixed interest rate with an interest-only payment structure for the majority of the term.

According to Gantry’s Koston, “The TIC ownership entity is an appealing structure for private investment in real estate, however it can present underwriting challenges as each participating investor needs to be vetted during the process. Gantry championed the borrower’s long-term plans for the property, securing the most favorable terms available for the loan and bolstering lender confidence by clearly articulating the strong fundamentals of Spokane from our substantial local knowledge.”

Gantry has operated and staffed a dedicated Spokane production and client service office for more than a decade. Further, Gantry is the only major commercial mortgage banking firm with a dedicated office serving Eastern Washington and the greater Inland Northwest region through accessible commercial mortgage finance experts. The Spokane region, with its growing relevancy in technology and logistics and historic strengths in agriculture and destination travel, has weathered the many disruptions of 2020 in resilient fashion, with regional expectations for a strong 2021 and renewed growth expected to emerge by mid-year across the region’s diversified economy.

About Gantry
Gantry, a privately held company headquartered in San Francisco, is a full-service mortgage banking firm with an extensive lineup of correspondent lenders utilizing Gantry’s production, closing and servicing capabilities. Established in 1991, Gantry is currently staffed by nearly 90 employees in regional offices throughout the western United States and in New York. The company’s national servicing platform valued at nearly $17 billion represents more than 2,000 loans located in 43 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.