Gantry has secured permanent loans totaling $27 million for two stabilized, high-quality suburban apartment communities in Oregon. The mature, actively maintained garden-style properties, Main Street Village in Tigard and The Ridge at Mountain Park in Lake Oswego, total 373 units and feature a range of amenities including swimming pools, clubhouses and covered parking and/or garages.
Gantry’s Blake Hering, principal, and Kristin Lapinskas, senior associate, with the firm’s Portland production office, represented the borrower, a private real estate group. Both seven-year, fixed-rate, non-recourse loans were provided by one of Gantry’s correspondent insurance company lenders and include either full-term or partial-term interest-only. Gantry will service the loans on behalf of the lender.
“Gantry’s network of insurance company correspondent lenders continues to be an attractive, competitive option for permanent loans on stabilized multifamily property,” said Hering. “These loans optimize cash flows, reward stabilized occupancy, and reflect investments in active management.”
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