Fixed Rate 10-Year Life Company Loan Refinances Stabilized 197-Unit Class A Multifamily Property; Multifamily Mortgage Capital Availability Remains High with Rates Still Holding at Generational Lows Entering Q2 2022 and Lenders Competing for Loans on Top Quality Properties
Seattle, Wash. (April 26, 2022) – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $55.2 million of permanent financing for the Rooster Apartments. The 197-unit, transit-oriented, class A urban apartment community features two seven-story towers and includes 5,000-square-feet of occupied street front retail dining space. Completed in 2015 and fully leased since early 2016, The Rooster is located at 900 NE 65th Street in Seattle’s Roosevelt neighborhood, just one block from Sound Transit’s Roosevelt light rail station.
Gantry’s Mike Taylor, Principal, and Skip Slavin, Senior Director, with the firm’s Seattle production office secured a 10-year fixed rate loan for the borrower with Freddie Mac, who offered the terms most in line with borrowers objectives.
According to Gantry’s Mike Taylor, “Multifamily assets continue to be prioritized by lenders as a preferred asset class for their 2022 allocations. Seattle has been resilient with its post COVID recovery and continues to demonstrate healthy multifamily fundamentals and rent growth as the Pacific Northwest’s strongest investment market. This ensures stabilized class A multifamily properties like Rooster will continue to be attractive to a variety of lending sources for both refinancing and acquisitions. With the volatility in the capital markets we are counseling our clients to look at the range of financing options now for their 2022 financings and even, in some instances, for loans maturing further out in the future with an eye to lock rates when prudent”
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 professionals in regional offices throughout the western United States and in New York with over 40 production teams that originated over $5.1 Billion in 2021. The company’s national servicing platform of nearly $18 billion represents more than 2,100 loans located in 43 states.