Loan Retires Construction Financing for Newly Completed Student Housing Complex Including Retail and Office Space; Favorable Terms Set for Achieving Stabilization and Occupancy
Lynwood, Wash. (August 4, 2021) – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $32.5 million to refinance a newly completed, privately-built, off-campus student housing mixed-use project adjacent to Edmonds College.
Triton Court (located at 19921 68th Ave W in Lynnwood) features 104 units with 220 total beds of multifamily housing serving students. The property includes 13,304 square feet of ground floor retail space and an additional 15,250 square feet of office space on its second floor. The property is the result of a quasi-public/private partnership, wherein a private developer built and owns the complex managed and programmed by Edmonds College’s Housing and Residence Life office.
Gantry’s Mike Wood, Principal, and Alex Saunders, Associate, with the firm’s Seattle production office, worked with the borrower, a privately held LLC, to identify and structure the new funding. The loan was placed with a debt fund that Gantry has closed numerous loans with and offers, a competitive interest rate with payments on an interest-only basis for the entire loan term.
According to Gantry’s Mike Wood, “Delivering student housing in a post-COVID world presented some unique and unforeseen challenges for seeing this project through to stabilization and productive occupancy. Gantry worked closely with the project developer to retire maturing construction debt with a refinancing structure and rate reflecting the quality of the property, its strong fundamentals and legacy potential. This project was built to serve the long-term needs of Edmonds College students by providing a campus-adjacent housing environment programmed for scholastic collaboration, community building and student safety. Our financing solution provided an attractive structure and timeline for the developer to achieve full occupancy of the property and mitigate any disruptions caused by distance learning and post COVID uncertainties for what is otherwise a superlative, well-constructed and relevant housing development.”
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. 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.